4th September 2023
Crossflow, the AI driven working capital platform, today announced its first results (audited) since restarting operations in April 2022 following the end of lockdown.
Following engagement with corporates post lockdown, Crossflow income increased from £1.5m in the last year of lockdown to £7.9m (mostly in Q4) and £40m on a FY basis. In addition, with current losses of only £700k, lean operations and high levels of automation position the company towards a strong profit path in the next 12 months.
Driving that growth is Crossflow AI which matches demand for working capital from suppliers to the most cost effective funding sources from financial institutions globally. “Suppliers have real issues accessing working capital, and Crossflow transforms access, which really improves suppliers cashflows” commented Magda Rozczka, Crossflow CEO.
The growth achieved by Crossflow has been driven by the demands of suppliers of large corporates who exhausted their working capital during covid and need ready access to working capital to rebuild their cash to ramp up and deliver orders to their corporate buyers.
A further growth driver is the requirement for investment in ESG across supply chains. Inquisitive consumers are quick to identify ESG weakness in corporates' environmental and social commitments, which through social media can seriously impact corporates earnings. Crossflow have identified large pools of working capital upwards of £100m, owed to suppliers and matched these to ESG friendly funds. Enabling access to that liquidity is transformational for supplier ESG investment, corporates ESG delivery and ultimately drives Crossflows growth.
“That was a tough period for all businesses, but it created an opportunity for Crossflow to accelerate the next phase of its growth plan and focus on the opportunity to support the working capital needs of large corporates and their suppliers. The results of that strategy are evidenced in todays results announcement” commented Magda Rozczka, Crossflow CEO.
commented Magda Rozczka, Crossflow CEO.
Crossflow Payments is an AI driven working capital marketplace platform delivering an innovative supply chain finance solution to large corporates and their suppliers. Its unique payment platform improves working capital for businesses whilst providing suppliers with access to finance without the need for onerous personal guarantees. Crossflow is backed by a range of sophisticated institutional investors providing significant firepower, enabling it to play a crucial role in helping businesses seize opportunities for growth. The business is an effective industry ambassador setting voluntary standards on a range of issues including cyber security, funds segregation, payment authentication and Crossflows InvoiceProtectTM minimising the risk of fraudulent transactions.
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