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Veolia supports Australia's small businesses through a partnership with Earlytrade
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Sydney, May 2020
Veolia Australia, leading provider of waste, water and energy solutions, has demonstrated its support for their small to medium vendors through a partnership with Earlytrade. Committed to timely supplier payments, and facilitating access to cashflow for smaller businesses, Veolia welcomes the innovative solution provided by Earlytrade.
Gwen Inglis, Chief Procurement Officer at Veolia said, "As a national business, servicing a number of regional and remote locations, we fully appreciate the value of secure cash flow to small businesses. Our partnership with Earlytrade is just another illustration of Veolia's commitment to support small businesses, indigenous suppliers and not-for-profit organisations. Earlytrade has done a terrific job in offering an innovative, simple and transparent tool which will greatly assist our supplier communities through these unique times."
Released on 20 April, the Ombudsman's report highlights Earlytrade as offering a real choice to suppliers who can benefit from being able to be paid almost immediately after making a request on the platform.
Guy Saxelby, CEO and co-founder of Earlytrade said, "We are pleased to see another global brand make the right call to offer their suppliers a better, more flexible payment option, especially during these testing times. We look forward to continuing our work in helping large companies and small businesses work better together."
Earlytrade is an Australian fintech company that provides a unique ethical alternative to ‘reverse factoring’ or supply chain finance.
Founded in 2016 by technology entrepreneur, Guy Saxelby and ex-ASX product manager, Piers Symons, Earlytrade owns and operates Australia’s largest early payment marketplace with over 40,000 businesses using the platform today to request early payment from their customers.
A key difference between the Earlytrade Marketplace model and other reverse factoring arrangements is that it is entirely supplier-driven. If suppliers require funding before their contractually agreed payment date, they can access an alternative source of liquidity via the marketplace at rates significantly less than bank financing, which in turn creates real value for suppliers.
Earlytrade’s Marketplace matches a committed supply of working capital from customers and the demand for early payment from all their suppliers. Unlike some platforms, Earlytrade does not mine big data or use AI to collect detailed information on the contents of supplier invoices. This is important as it allows Earlytrade’s marketplace to be neutral, with supply and demand driving rates.
Along with its core marketplace platform, Earlytrade has four other products growing in adoption including Earlytrade View, Earlytrade Verify, Earlytrade Grower and Earlytrade Fund.