Could you explain your idea a little more detailed?
Creative freelancers who work for media companies often have to wait for months until their bills are paid; As a result, they are frequently broke and generally have a hard time managing their finances. We are addressing this challenge by offering a short-term factoring solution which makes sure that 80% of each bill is paid out instantly. Also, we mediate the billing process between freelancers and their clients and, on top of that, reduce handling friction on the company’s sideby ensuring that bills are formally correct.
Please, introduce your team.
David and Florian know each other since high school. Ulrik met David in 2008 shortly after they both moved to Berlin from South Germany. While David is a well-known journalist and editor who knows our market and clients very well, Florian is the established IT consultant who not only manages to roll out IT solutions on time and budget, but also with peace of mind and a can-do attitude. Ulrik is the startup & finance guy who not only has entrepreneurial experience, but also a background in management consulting and investment banking.
When did you start working on the project?
We started in February 2013 and had to tackle issues with the German regulator BaFin first, which took almost 6 months. We then approached seed investors and started to work on our IT solution; now we’re happy to be part of AS PnP for the last months until our launch!
Tell us the funniest moment that your funding team shares?
Come on, we are finance and IT guys! We have no sense of humor that we are aware of.
Why are you better than your competitors?
It’s an untapped market so far – the established factoring companies cannot attack it because the average bill volumes are too small, although there is direct competition from special loans targeted at small companies and individuals, as well as online accounting services.
Who is your role model and why?
We’r driven by ourselves rather than someone else. Of course there are many other personalities to look up to, but declaring someone a role model isn’t our thing.
What’s your favorite Startup?
Soundcloud, because I shared an office with them at my time at txtr. They increased their valuation 10-fold every 12 months, and are now valued around $800 million, while literally everyone at the company seemed to enjoy what they are doing. Even during their extreme growth, no one was ever stressed out, and there seemed to be no conflict or drama whatsoever.
Why did you choose the program?
Obviously ASPNP applies a very, very welcoming and productive dog office policy. So our Chief Happiness Officer Rania is not limited in her productivity.
Since our service eases the daily routines of Axel Springers’ editors, accountants and freelancers we expect to get direct and productive contacts to these people.
How do you like it so far?
A lot! Mostly because the people are great! Both the other startups and the ASPNP people are fun to be with and obviously very motivated to cooperate in the most productive ways. Also the balance between „letting us do our own thing“ and offering workshops and trainings seems brilliant, given that the needs of the many startups differ in so many ways. There really is something super useful and interesting for everybody on the menu.
Name 3 words that display your expectations towards the program.
„Getting live“, „get follow-up financing“, „have fun“
Where do you see yourself in three months? And in a year?
In three months, we are live with a small number of test customers. In a year, we are fully operational and profitable with serious customers!