Aamar Aslam is the founder of Funding Invoice, an innovative supplier of invoice finance. Aslam’s time at Warwick University, the young entrepreneur helps small businesses who are struggling with delayed invoice payments to keep things running. The FinTech company offers loans to financially support the business through the dry period, of which are paid back when the delayed invoice payments have been received.
Funding Invoice has reached great heights since its 2015 launch, organising an excess of £50 million in loans to help small businesses stay afloat. This impressive start-up is also not the first of Aslam’s successful business ventures. The entrepreneur ran a chauffeuring service alongside studying for an undergraduate degree at university. During this time, Aslam found that his chauffeuring business suffered when waiting to get paid by his clients.
To manage this, Aslam sought the help of a private investor who lent him financial support to be paid back when the delayed invoice payments came through. While doing this, Aslam thought of how beneficial the system was for his business and thought how it could be applied to many other small businesses like his.
After he had graduated in economics, Aslam created Funding Invoice with the help of university funding, two angel investors, and co-founder Kautham Haran. Since its launch, the company have helped businesses struggling with delayed payments in the same way that his private investor had helped him.
Those who borrow with Funding Invoice can have 80% of the delayed invoice value covered upfront. Borrowers will enter a few details online with a copy of their invoice which Funding Invoice will verify, and once approved will transfer funds into their bank account in 24 hours.
Through Funding Invoice’s proposition, businesses can apply for anything up to £1 million and are charged a percentage fee from this amount of money. The largest uptake is from fashion companies and entrepreneurs, while also catering to companies with fast-moving consumer products, food products that work with supermarkets, logistics firms, caterers and more.
Aslam is one of the UK’s most interesting young entrepreneurs and has been recognised in the Startups100, Great British Entrepreneurs and position 21 in the TechRound 100. He has become a leading figure in the UK’s invoice finance services industry; helping to support all sorts of businesses when faced with crippling invoice payment delays. For more information, visit Funding Invoice.