Finance company Invoice Finance Group (IFG) has welcomed a new strategic investor to boost funding and expand its offering to SME clients.
The introduction of WeDo Business Services Group will allow IFG to add funding capabilities and new business finance products for its small to medium business customers.
IFG is a Brisbane-based boutique finance company specialising exclusively in invoice financing solutions for its business customers’ cashflow requirements.
WeDo Business Services was founded in the UK in 2019 and provides a range of services to SMEs including invoice and trade finance, start-up funding, HR, back office and payroll support.
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IFG director Paul Tonges (pictured above) said he identified a key commonality among both businesses.
“As the founder of IFG, I am very excited about the next chapter of our growth strategy. We’re delighted to share a common alignment in our vision and values with our new investors by continuing to exceed our customers’ expectations,” Tonges said.
“This strategic investment will allow IFG to better service our existing clients and attract new customers by allowing us to offer a broader range of finance products and a larger deal size. With so many Australian small businesses desperate to fund growth, IFG will be able to assist many more SMEs.”
Tonges said from his experiences over the last five years, IFGs commercial finance brokers and introducers enjoyed the speed and simplicity of its invoice finance offering and the fact it was up-front about its risk appetite.
“Brokers don’t want to waste weeks on a deal only to find out from a finance company’s risk manager that they won’t approve it,” he said. “Generally, within two to three days we can facilitate a funding solution from first meeting to settlement for our introducers and their customers. Invoice finance itself is a fantastic solution that gives the business owner better cashflow control and ability to grow their business.”
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WeDo is seeking to establish a presence in the Australian market. Directors Mark Lindsay and Chris Robinson engaged former ScotPac senior executive Wayne Smith to assist them with the next phase of growth.
Lindsay said Smith was able to bring both parties together to explore the opportunity, which helped structure a deal that was beneficial for both parties.
“WeDo was built on a simple model of delivering invoice finance in a transparent and value-added way. We work with clients to ensure they get more than they expect and it was refreshing to see that IFG share a similar approach which is very client centric,” Lindsay said. “We envisage it will be business as usual for the foreseeable future, though we are excited about additional growth opportunities.”
