“What Modulr does really well is plumb a lot of our key services together. We wouldn’t have been able to create this type of service without Modulr.”

Robert Keown-Boyd, CEO at multifi

How multifi are solving the SME cashflow crisis with Modulr

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multifi are a lending service for SMEs, empowering innovative businesses to reach the next level of growth and cover emergencies. However, to offer the solution that SMEs were crying out for, they needed to offer loans that were fast and easily accessible.

For that, they came to Modulr. multifi now have access to real-time payment rails, account services and a collaborative payments partner to help them grow. We explain how below.

Key Benefits
0 hour
onboarding speed, reduced from 6 weeks.
0 day
revolving credit, above the 60 day industry standard
Unlimited
supplier payments

Onboarded and loan received within 72 hours

Modulr’s embedded payments give multifi access to real-time payment rails such as Faster Payments and SEPA Instant in Europe. This means that when a loan is approved, it is automatically transferred to the SME’s multifi account in a matter of seconds. Using traditional payment methods, this will often take days.

With Modulr’s payments embedded directly into multifi’s tech stack, there is no need to manually send files to banking partners, and then wait for an unknown period for the payment to reach the SME. And using Modulr’s webhooks, both SME and multifi are instantly notified as soon as the payment goes through.

multifi's mission is to simplify finance for small businesses. Unlike traditional banks, our streamlined process allows businesses to obtain an indicative credit limit with just a few details entered. Thanks to Modulr's payments, funds can be in your account within 48 – 72 hours. " 

Payments plumbing bringing services together

Using Modulr’s embedded payment infrastructure, multifi not only offers credit to SMEs, but accounts to manage their finances. After receiving the loan into their credit account, they can transfer funds to their cash account in order to make payments to suppliers, all within the multifi platform.

This all-in-one approach makes financial management simple for SMEs, easily moving money between the credit account and cash account when necessary.

What Modulr does really well is plumb a lot of our key services together. It acts as that infrastructure for our customers to not just receive credit quickly and simply, but also handle their payouts within multifi. We wouldn’t have been able to create this type of service without Modulr.  

A partner that's aligned with multifi's goals 

multifi had big ambitions and wanted to find a payments partner that understood and encouraged their objectives, instead of offering them a one-size-fits-all solution. They knew that to offer SMEs the credit help they need, their payments partner would have to be flexible in their approach.

In Modulr they found a business that also wants to modernise finance and has built its technology to service many different needs.

“We’re a growing team, so having a partner we can pick up the phone to and speak to about ideas is massively important for us. We’re always developing and moving forward, and we don’t want to worry whether that’s ok. Modulr have been so helpful and we’ve always felt that they are similar to us in having that vision to remove unnecessary delays and red tape. Instead of the corporate style of ‘we give you this and this is it’, the team at Modulr is proactive in helping us with what we need.”  

82% of failed SMEs blame cashflow for closure - that's why multifi came to Modulr

Modern businesses can vary dramatically in how they operate, earn and grow, with cashflow a key example of how ‘normal’ looks very different for different businesses.

However, banks often use blanket rules to determine whether businesses are eligible for credit, such as their revenue over the past three months. For a seasonal business, that receives income in peaks and troughs, this is not a reliable metric, and would instantly disqualify them from receiving credit.

Multifi was established to serve these types of businesses, going into further detail when determining whether a business can access funds, and helping to serve those that are unfairly overlooked.

A lot of the businesses we serve are driving revenue but need some access to credit to get to the next stage of growth. Manufacturing firms need to buy more machinery, for example. Traditional lending infrastructure wasn’t set up to help these businesses and we wanted to offer something better, but we needed a modern payment system that could make the process as efficient as possible. We did our research and Modulr came on good recommendation. When we saw the capabilities they had, it was a no-brainer  - Robert Keown-Boyd, CEO at multifi 

Multifi are a perfect demonstration of the real-life benefits that embedded payments can bring. Helping businesses better serve those that have too often been overlooked, leading to a more rounded and successful economy.

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Want to know more about what Modulr’s embedded payments can do for your business? Find more information here and get in touch with our team today to organise a call!