Adfin: Revolutionizing Invoice Payments for Sole Traders and Small Businesses

Adfin, a promising UK-based fintech startup, is on a mission to simplify the often cumbersome process of invoice payments for sole traders and small companies.

Founded by fintech veterans Tom Pope and Ciprian Diaconasu, Adfin addresses the significant challenge faced by small business owners and sole traders, such as lawyers, accountants, and tradespeople, who often struggle with getting paid on time due to outdated payment processes.

Tackling the Payment Dilemma

For many small businesses, the traditional process of getting paid involves sending invoices with bank details, tracking payments, and ensuring accurate reconciliation. This manual process is not only time-consuming but also prone to errors, creating a less-than-ideal experience for both businesses and their customers.

Direct debits and card payments, while options, come with their own set of challenges, such as convincing customers to allow direct withdrawals or dealing with high processing fees.

Adfin’s Innovative Solution

Adfin offers an innovative invoice and payment management platform designed to streamline this process. By uploading invoices to Adfin, users can send payment requests via email, WhatsApp, or SMS, with the platform automatically selecting the most suitable payment method based on factors like customer history and invoice size.

The platform supports various payment methods, including pay-by-bank using open banking, as well as card payments via Apple Pay and Google Pay. To further ease the process, Adfin automates payment reminders for customers who do not pay immediately.

“Our customers are not payment nerds,” says CEO Tom Pope, highlighting the need for a simple, efficient solution. Adfin’s approach allows businesses to focus on their core activities while the platform optimizes payment success rates and minimizes costs. The company charges a flat 1% fee per payment, regardless of the payment method used, ensuring transparency and predictability in costs.

Centralized Invoice Management

Adfin serves as a central hub for all invoices, allowing businesses to easily track pending payments and ensure timely receipt of funds. This comprehensive approach not only reduces administrative burdens but also enhances cash flow management for small businesses.

Financial Backing and Future Prospects

Adfin has garnered significant support, raising $4.9 million in seed funding from prominent investors, including Index Ventures and Visionaries Club. The round also saw participation from notable business angels such as Thijn Lamers (Adyen founding team), Guillaume Pousaz (Checkout.com founder), and Eugene Danilkis (Mambu co-founder).

As Adfin continues to develop its platform, it aims to provide small businesses with the tools they need to navigate the complexities of modern payment systems efficiently.

By focusing on user-friendly solutions and leveraging cutting-edge technology, Adfin is poised to make a significant impact on the fintech landscape, particularly for those businesses that have long been underserved by traditional financial services.