Press release: Taulia reaches new heights as $1bn of invoices accelerated in one day
Fintech comes of age as record-breaking value of cash freed up to boost business growth
San Francisco, January 4 2018: On Wednesday December 20th, more than $1bn of invoices were accelerated in a single day through Taulia, the financial supply chain company. This figure has been the largest single-day value since the company was founded and it highlights the continued strong appetite for cash from businesses around the world. In December alone, the amount of spend accelerated through Taulia grew 150% year-over-year.
This achievement underscores the growth of financial technology companies like Taulia into the B2B financing mainstream as providers of easy-to-access, liquidity for all companies. Over 1.5 million companies have chosen to join Taulia’s network with 94% of the Fortune 500 using Taulia platform to accelerate access to cash. Together, these companies have transacted in excess of $1.2 trillion invoices through Taulia’s platform.
The success is down to the flexibility offered by Taulia, which allows suppliers of all spend amounts to participate and consequently gives greater surety and control over the supply chain. Buyers are additionally empowered by data-driven innovation which provides rich insight into the supplier behaviour facilitating strategic decision making. Cedric Bru, Taulia’s CEO, said “We cannot overstate the importance of this achievement. Early payment options are now firmly part of any working capital improvement program and reaching this milestone shows that working capital and the ready access to cash continue to be on the minds of all businesses.” He added, “It also highlights the advancements that Taulia has made over the past few years. Our easy-to-use platform, access to flexible funding and Artificial Intelligence engine, Polarissm are key to placing companies across the supply chain in control of their cash.”
Demand for cash isn’t just linked to small companies either as is traditionally thought to be the case. Taulia’s data reveals that companies of all sizes elected to get an early payment. Kathleen Nugent, Head of Working Capital Management at Taulia, said: “The single largest invoice accelerated was $11million by an engine manufacturer, and the smallest, just $12 by a locksmith. Regardless of company size or industry, cash continues to matter”.