Countingup and Hokodo partner for invoice insurance service
Small business and freelancer banking and accounting app provider, Countingup, has forged a partnership with fintech insurance solutions start-up, Hokodo, reports Martin Whybrow.
This is intended to create a new service allowing UK SMEs to protect their income on an invoice-by-invoice basis.
Tim Fouracre, founder and CEO of Countingup, says: “We are strongly focused on forming business partnerships that will help our core customer base of entrepreneurs and small businesses thrive. Invoice protection insurance, such as that offered by Hokodo, fits well with our focus.”
The UK’s Federation of Small Businesses (FSB) estimates that late payments cause up to 50,000 company closures a year at an annual cost to the economy of £2.4 billion. Fouracre says: “Hokodo’s solution is key in protecting the most vulnerable small business owners from running into cashflow problems through missed or late payments. We are delighted to be working with them to help stop that happening to entrepreneurs.”
Via the Countingup app, users will be able to access Hokodo’s Invoice Protection tool to request quotes. By so doing, they can ensure that their highest and most business-critical invoices are covered. They can identify individual invoices they want to protect and purchase and pay for insuring them through a tick box process. The price of insuring each invoice with Hokodo’s solution is typically between 0.25 and 1.5% of the overall value of the invoice.
Countingup has already established a link to the Hokodo solution within its app. The two partners are now working on integrating their solutions more closely to further streamline the experience for users. Countingup was set up in September 2017 and is venture capital backed.
