Date founded: 2013
Founder: David Tuck and Mark Woodbridge
In the words of co-founder David Tuck: “We are addressing a huge problem. UK SMEs are owed £55bn in overdue invoices and over 124,000 almost went out of business in 2012 due to the issue of late payment.”
Just a year later and Chaser was born to prevent small-scale businesses from collapsing and encountering financial woes, with polite persistent chasing of late-paying customers the only true method a company can use to secure the overdue funds – something Tuck was all too familiar with from his time spent as an accountant and finance director for three SME finance teams.
The credit control process is currently a manual, inefficient use of time, according to Tuck, who noted EU businesses spend €8.5bn of time chasing annually.
Chaser takes that process digital, as Tuck provided the finance knowledge while co-founder Mark Woodbridge, who has 11 years of software engineering experience inclusive of time working for Reuters, took care of the software development.
The technology allows business clients to set terms and rules around automatically chasing customers via email, reducing time invested while enhancing the opportunity to secure the payment. In addition to that, the platform enables communications, customer relationship management while a log of replies is collated to offer transparency around the chasing procedure.
Tuck added: “We are reimagining the full chasing spectrum. Email is first step in this process. We will subsequently expand our platform to cater to telephone, text message, paper letters and other mediums for chasing that our users need. We are building the Amazon Web Services for invoice chasing – the elastic chasing utility.
“Selling on payment terms is a globally common way of doing business. The struggle to get the ensuing invoices paid on time is a global problem – we have a simply huge market to disrupt. We are also positively disrupting the accounting profession. Doing invoice chasing manually for clients is not economically viable – Chaser is changing this”
“We are helping accounting firms provide chasing services to their clients underpinned by Chaser. We are seeing incredible results from a business starting to use Chaser. We are reducing debtor days by an average of 26 days. For a £1m turnover business, this equates to a cashflow boost of £71,000 that they can invest in growth, in creating new jobs. We are saving them an average of 11.5 hours per month, a cost saving of £175 where that time costs £15 per hour. We are incredibly excited about the important problem we can solve and the market defining future we are building.”
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