Tag: Fintech

Finley (YC W21) is hiring for credit and fintech experts across all teams

Imagine running a retail business without knowing how much you’re paying your wholesaler for goods. Or running a restaurant without looking at the price of your ingredients. Or constructing homes without looking at the price of raw materials… you get the idea.

That lack of transparency would be frightening, but hey, things could still work out, right?

Well, let’s up the difficulty.

Imagine that, on top of not knowing exactly how much you were paying for your inputs, you also didn’t know if you would have consistent and continued access to your wholesaler, your food supplier, or your building materials. That would almost certainly induce high blood pressure, stomach ulcers, and mild insomnia.

In the world of private credit (this is basically business credit for the majority of companies), it’s not only normal but expected that getting and maintaining access to debt capital (one of the key inputs for running any business!) will be opaque, error-prone, and hard to operationalize. In other words, capital uncertainty is the dismal reality in middle-market finance.

Private credit is enormous (add up all the VC dollars spent last year and you’d still be short of the amount of private credit issued over the same period), unavoidable, and broken.

That means credit access–the fuel or primary financial input for most medium-sized businesses–is hard to price, access, report on, and predict.

And yet it doesn’t have to be that way; the data and operational issues of private credit have been solved in other domains (e.g., CRMs for Sales, infrastructure tooling for devs, EMRs for hospitals). What’s missing is a software layer for business finance.

Finley has built the system of record for private credit. We plug into all borrower source systems and automate reporting and analysis for private credit lenders. The result is full transparency into the cost and availability of capital, which gives businesses newfound financial predictability.

We’re a team of builders, designers, finance experts, engineers, and systems thinkers from top companies in finance and technology, and we’re backed by leading investors like Y Combinator, CRV, and Bain Capital Ventures.

We’re two years into our journey, recently raised a $17 million Series A, and already managing over $3 billion in private credit.

It’s still Day 1, though. The challenges we’re taking on will reshape the economy over the next decades, and we’d love to partner with team members who share our passion for innovation and company-building.

To learn more, check out our Careers page here: https://www.finleycms.com/careers/

Comments URL: https://news.ycombinator.com/item?id=35385721

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Finley (YC W21) is hiring fintech software engineers (US remote)

[Job Posting]

When you pay for a coffee by tapping your credit card, the card and card reader exchange key transaction information and kick off a series of data and compliance checks between your card issuer and the merchant.

For example, the payment processor might want to check that the card is legitimate, that the transaction amount is accurate, and that the transaction has been properly recorded in the card provider’s database.

All of these checks happen in a matter of seconds, and they’re enabled by secure standards that enable programmatic data transfer and verification.

But when businesses try to access funds they’ve already been approved for, these same types of checks can take over a week for banks and capital providers to process and execute. That friction–and hold-up in funds–can blindside a business.

It turns out that all the table-stakes aspects of consumer credit–fast transactions, programmatic data checks, and ease of use–are still missing in business credit, even though business credit is a much larger chunk of the economy.

At Finley, we’re building modern software to streamline, secure, and record all the transactions between businesses and their capital providers. Just a year and a half after launching, we’re managing over $2 billion in debt capital for innovative companies like Ramp, Even, and Ribbon.

Now, our team is hiring for software developers (US remote) interested in building B2B financial infrastructure. If you’re interested in learning more, check out https://www.finleycms.com/careers/ or email your resume to contact@finleycms.com.

Comments URL: https://news.ycombinator.com/item?id=31585107

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Torpago: The New Player In the FinTech Game

There’s a new player joining Brex, Divvy, and the rest in the FinTech game. Torpago offers similar money management tools and integrations as the rest, with the added bonus that only a couple of the others offer. They report payment to the business credit reporting agencies. 

Is Torpago Right for Your Business? 

It has a number of services that can help your business manage funds more effectively and efficiently. From corporate cards to help manage employee spending to top software integrations, they have plenty to offer. 

Card Details

There are both physical and virtual card options. Limits are assigned on an individual basis. They claim their proprietary underwriting process and technology allow them to offer higher credit limits than traditional business cards. 

In addition, there is no personal guarantee or deposit requirement. Furthermore, it seems to function more like a charge card. So, similar to Net 30 financing, you pay off the total balance in 30 days. That means, there is no interest. To qualify, you need:

  •  A legal business name
  • Employer Identification Number (EIN)
  • Physical company address
  • And a business bank account. 

Rewards

Earn one point per dollar spent. In addition, they have offers and discounts with Quickbooks, Carta, and Plastiq. 

Integrations

They have integration capacity with Quickbooks, FinancialForce, Acumatica, and NetSuite. The integrations offer real time accounts meaning as soon as you swipe, the expense is recorded appropriately in your system. 

Business Credit

They require all approved customers to connect their business bank account to the Torpago system. They partner with Plaid to allow you to do this securely. After that, they have read-only access to view your balance. As your business grows, they will increase your limit. 

They also claim to report payment to help build business credit. However, they only state on their site that they report it to the “right people.” They do not say which business credit reporting agencies they report to. 

Reputation and Reviews

This is a new company that didn’t even have a BBB file until the end of 2020. Unfortunately, they have a C- rating with the Better Business Bureau. They also have an app in the Apple Store that has 4.3 stars. Other than that, while there are few things floating around, almost everyone seems to be kind of in a “wait and see” holding pattern with this one. 

Conclusion

There is nothing glaringly wrong here. While they don’t state who they report to, no one seems to be disputing that they do report to someone. So, if you choose them for your money management needs, the credit can definitely come in handy. Since it seems their underwriting processes may be more small business friendly than traditional banks, it can’t hurt to give them a shot.  But remember, one account reporting isn’t enough to build strong business credit. You’ll need more. Check out these 7 vendors to help you start building business credit. 

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Finley (YC W21) is hiring fintech experts to transform debt capital management

Article URL: https://www.finleycms.com/careers/ Comments URL: https://news.ycombinator.com/item?id=28229152 Points: 1 # Comments: 0 The post Finley (YC W21) is hiring fintech experts to transform debt capital management appeared first on Get Funding For Your Business And Ventures. The post Finley (YC W21) is hiring fintech experts to transform debt capital management appeared first on Buy It At … Continue reading Finley (YC W21) is hiring fintech experts to transform debt capital management