In the past, the company had opted for banking alternatives in order to solve its working capital financing needs. Their experience with banking is that it did not solve their needs for agility and speed, which led them to seek alternatives.
They found Novicap through social networks. The chemistry on both sides was excellent from the start since Novicap offered them everything that the bank did not: agility, personalised attention, and flexibility. Thanks to Novicap, the company was able to anticipate the collection of their outstanding invoices, thus solving the cash flow strains they were experiencing.
Novicap is currently financing most of its clients’ invoices in a quick and efficient way, whether they are private clients or government clients. By working with Novicap, the client can upload an invoice to the platform and receive the amount in their current account in just 24 hours.
Over the past two years the company has experienced significant growth. They now have 20 employees and are close to their goal as a company since it is not a scalable business. According to the person responsible for the financial department,
“With Novicap we have found a technological partner that allows us to quickly and easily manage our cashflow within a digital platform.”
Even though they are close to their goal, they will continue working with Novicap because once one has used this service, it is more convenient to try to pass on the cost of financing and thus forget about the management of the collection of the invoices, which makes for a very convenient mechanism for the company.