- Company Overview:
- Name: Adfin
- Type: Fintech startup
- Location: UK
- Founders: Tom Pope (CEO) and Ciprian Diaconasu (CTO)
- Funding: Raised $4.9 million in seed funds
- Investors: Index Ventures, Visionaries Club, and various business angels
- Problem Addressed:
- Difficulty for sole traders and small businesses in getting invoices paid
- Involves manual tracking of payments and reconciliation
- High processing fees for card payments
- Challenges in setting up direct debits
- Solution Offered:
- Invoice management and payment platform
- Allows sending payment requests via email, WhatsApp, or SMS
- Automatically selects the best payment method (pay-by-bank using open banking, card payments, Apple Pay, Google Pay)
- Automates payment reminders
- Features and Benefits:
- Simplifies critical admin tasks for small businesses and sole traders
- Provides a central repository for all invoices
- Charges a flat fee of 1% per payment, regardless of the method used
- Aims to maximize payment speed and minimize costs
- Founders’ Background:
- Tom Pope: Formerly worked at Tink, acquired by Visa
- Ciprian Diaconasu: Spent 12 years at Mambu, a cloud-based banking platform
- Market Insight:
- Focus on non-e-commerce businesses (e.g., legal practices, accountancy firms) where payments are still manual and outdated
- Future Plans:
- Continue building capabilities to enhance payment efficiency and cost-effectiveness for users
