With C2FO, software development company Nxtera Limited has been able to hire more employees to support its rapid growth.
Nxtera provides automated call monitoring solutions for Tier 1 banks, call centres, and media companies.
The company has seen incredible growth, especially in the banking industry where robust call screening, recording, and transcription are necessary for banks to comply with regulations.
To keep up with its rapid growth, Nxtera needed to quickly hire more developers—an expensive proposition that requires available cash flow.
It was during this time that having access to additional working capital was critical.
Unfortunately, because Nxtera invoices customers quarterly, much of its capital was trapped in accounts receivable.
ITV, a large UK media company and one of Nxtera’s clients, sent the company an email announcing the launch of its early payment programme through C2FO.
The programme enables ITV vendors to offer a discount in exchange for having their invoices paid early.
For Stephen Bishop, Nxtera’s Finance Director, the programme was just what they needed.
“We submit invoices on a quarterly basis. C2FO allow us easy access to those funds as soon as the invoice is approved.”
-Stephen Bishop, Finance Director for Nxtera
Using early invoice payments through the C2FO platform, Nxtera secured the working capital necessary to recruit ten people within twelve months.
“I would have no hesitation recommending C2FO to other businesses. It really does improve your cash flow.”
According to Bishop, their expansion efforts have been primarily driven by improved cash flow through C2FO.
You can learn more about Nxtera Limited here: http://www.nxtera.co.uk/