October: Accelerating Business Growth with Kolleno’s Accounts Receivable Solution
We had the pleasure of speaking with Julien Ramezani, Head of Client Operations at October, about their innovative approaches to managing finances, fostering strong client relationships, and tackling daily challenges in the online lending industry.
October is an online marketplace for business loans, enabling investors to lend money directly to small- and medium-sized enterprises. By offering a seamless, transparent, and user-friendly platform, October connects businesses seeking funds with investors looking for attractive investment opportunities. The company has rapidly become a trusted financing partner for SMEs across multiple industries.
As October experienced rapid growth, the volume of loan transactions and the complexities of managing accounts receivable increased substantially. The company faced difficulties in dealing with late payments and unresponsive borrowers, which negatively impacted their cash flow and operational efficiency. The time and effort spent on tracking and reconciling invoices detracted from their core mission of providing innovative lending solutions.
October turned to Kolleno’s accounts receivable management solution to streamline their invoicing and payment processes. The customer payment portal simplified the payment experience for borrowers, while the template creation feature enabled October to design customised invoices for various loan products. Kolleno’s robust reporting tools provided invaluable insights into borrower payment behaviours, empowering October to proactively address issues and enhance cash flow management.
With the help of Kolleno, October saw a 40% reduction in late payments within the first six months, leading to a 32% decrease in median days late. This allowed the company to invest in expanding their lending platform and enhancing the user experience. The time spent on managing accounts receivable decreased by 37%, enabling October to focus on delivering exceptional lending services to borrowers and investors alike.
October’s partnership with Kolleno has been a resounding success, enabling the company to efficiently manage their accounts receivable and significantly enhance their cash flow. By streamlining payment processes and gaining valuable insights into borrower payment behaviours, October has been able to focus on providing top-quality lending services. The positive impact on cash flow and time management has not only contributed to the ongoing success of the company but has also laid a solid foundation for future growth and expansion.