A payment platform aimed at freelancers and small businesses is set to further develop its technology offering after closing a fundraising.
Satago’s online service automates credit control to facilitate the payment of individuals and small firms on time. It combines with accounting software to automate the process of chasing debtors by sending email reminders, payment demand letters and making phone calls.
It has now utilised AngelList, a website which brings together angel investors and start-ups looking for funding. Satago says that most of its investment has come through the platform.
More on recent seed funding rounds:
- Bootstrapped Meducation closes first funding round
- Online platform for buying new cars backed by group of VCs and angels
- Branson family and Index lead $500,000 investment into Blaze
Steven Renwick, founder and CEO of Satago, comments, ‘We are thrilled to have attracted so much interest from investors in our company and look forward to being able to rapidly scale our operations in order to help more small businesses and freelancers get paid on time.
‘Late payments cause untold damage to UK SMEs and threaten to slow down the economic economy. We’re determined to use our growth as an opportunity to redress the payment imbalance that currently exists between big businesses and their smaller suppliers.’
Satago and Renwick cite information that finds SMEs in the UK are paid 41 days late on average as evidence of the problem. The European Union believes that the issue causes 25 per cent of business bankruptcies.
To facilitate a joined-up approach, Satago has been in conversation with the Department for Business, Innovation & Skills, as well as trade bodies, to keep them apprised of what the start-up is trying to do.