An Australian fintech can now fund “near-instantaneous” supply chain and invoice financing transactions using customer data following its data integration partnership with Salesforce.
Business finance platform Butn enables third-party platforms to offer a range of financial products including receivables finance, supply chain finance and business loans from within their existing ecosystem.
The group’s new range of products, including ButnX, ButnPay, ButnNow and ButnPlus, integrate with Salesforce to provide financing for businesses in less than five minutes, rather than the days or weeks seen with traditional business lending.
According to co-founder Rael Ross, “The company has already attracted a pool of 100,000 potential end users from around Australia, as well as almost a dozen B2B aggregators and digital marketplaces.”
“Unlike other lending arrangements, Butn does not rely solely on the provision of external credit reporting information for payment decisions. Instead, factors such as length and quality of relationship with suppliers and aggregators, past payment behaviours and other factors are used to approve access to funds," he added.
Through making immediate decisions about the creditworthiness of its business customers using a wider range of data points than traditional lenders, Butn also helps ensure compliance.
According to co-founder Walter Rapoport, the group’s launch has come at an ideal time for many businesses.
“In the current climate it can be extremely challenging for businesses to access lines of credit and, when they do, it can take a long time. Many businesses have found their cash flow diminished due to COVID-19 and are in need of funding,” he said.
“Our customers can use their existing Salesforce platform to capture important buyer information which, in conjunction with our data modelling, we believe is a much better reflection of their true financial standing.
"We knew we could scale with Salesforce and, from the outset, we've felt they've been an outstanding partner in our success,” Ross concluded.