New Manchester fintech Payful set to tackle "bad payment culture"

Payful, a new startup dedicated to eradicating late invoice payments across B2B transactions has secured its place on Enterprise City’s ‘Exchange Support Scheme’.

The ‘Exchange Support Scheme’ will help Payful as it begins to scale and grow operations ahead of an imminent pre-seed fundraise. The accelerator is now in its third year, having supported 44 businesses in the past year alone.

The “transformational” business, started by founder, Andy Taylor, has been designed to address late invoice payments, a real challenge within the world of B2B transactions.

Unfortunately, the issue continues to affect the economic viability of many businesses. In fact, the Federation of Small Businesses (FSB) recently warned that as many as 50,000 businesses could go bust in the near future as a direct result of late payments.    

By building innovative proprietary technology, which can score invoice payment performance, Payful is offering an inventive solution to this long-standing problem.

With the company’s service, businesses can showcase an independent assessment of their invoice payment performance. In turn, companies can then demonstrate a proven track record to prospects, clients, and suppliers, which helps to build trust.  

  Speaking on the company’s growing success, founder and CEO, Andy Taylor commented: “Payful’s selection on the ‘Exchange Support Scheme’ is affirmation of our growing reputation and underlines the level of interest in our groundbreaking invoice payment scoring solution.

“As a business, we’re devoted to tackling the challenge of late payments head-on and have made it our mission to eliminate the issue across the globe by 2032.” 

Alice Glover, Community Outreach Lead at Exchange at Enterprise City, said: “Payful is a brilliant addition to the scale-up community and cluster of fintechs we have created at Department Bonded Warehouse.”

Following the aforementioned selection, and its move to the Bonded Warehouse, Payful is now planning an official global launch later this year, which will see its service go live in 180 countries.