Those businesses that make physical products always have the same challenge. They typically have to pay for their inventory before they receive revenue from selling it. This is a balancing act that requires a financial partner and businesses have used a variety of different financing sources, both traditional and fintech. But there has never been a fintech company attacking the problem directly until now.
Our next guest on the Lend Academy Podcast is Sean De Clercq, the CEO and founder of Kickfurther. Sean saw this problem first hand when he was running a merchandising business and he decided to do something about it. He founded Kickfurther in 2014 and after some growing pains the company is really hitting its stride. I have been following them closely for several years as they won our first ever PitchIt@LendIt startup competition in 2015 (watch their winning pitch from that competition).
In this podcast you will learn:
- How Sean got the idea for Kickfurther.
- What Kickfurther does and how it works.
- How the financing terms are set.
- A detailed example of what is involved in funding a deal.
- The kinds of risks they look at when underwriting these deals.
- How they are pricing these deals.
- The cancelation (default) rate they are experiencing today.
- The kinds of people who participates on their platform as buyers.
- How the pandemic has impacted Kickfurther.
- The largest deal they have completed to date.
- The scale they are at today.
- The mix of international and U.S. manufacturers they work with.
- The biggest challenge for their business today.
- How they make money exactly.
- Their big goals for 2021.
This episode of the Lend Academy Podcast is sponsored by LendIt Fintech USA, the world’s largest fintech event dedicated to lending and digital banking.
Download a PDF of the transcription of Podcast 281 – Sean De Clercq.
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