How they describe themselves: SMEs are missing out on billions every year due to unpaid invoices and the costs associated with chasing payments. With thousands of SMEs going out of business every year, due to avoidable cash-flow problems, Solna is on a mission to help turn their passions into profit.
Solna provides SMEs with the tools to help them manage their finances, stay on top of their cash-flow, and get paid more efficiently. Users can invoice simply, automate reminders and track who has viewed their invoices and when, as well as check their customers’ credit scores. Using curated data, Solna delivers the right insights at the right time, allowing users to make more informed decisions and mitigate risk.
How they describe their product/innovation: Solna is innovating the invoicing process. The first platform of its kind to be powered by credit scoring data, Solna speeds up the payment process for small businesses; saving them time, mitigating risk, and allowing them to plan ahead and take advantage of new revenue opportunities.
Through leveraged credit data, that is overlaid on the platform’s invoicing/reporting functionality, users get a clear picture of their customer’s financial health and overall exposure to risk. The system’s automated credit control functionality automatically chases the user’s overdue invoices and frees up their time, enabling them to get on with growing their business.
Product distribution strategy: Direct to Business (B2B), , through other fintech companies and platforms