The platform CREST by Cloud 9 Group offers companies with a portfolio of 5 Million Euro or upwards the opportunity to obtain financing against very favorable terms. The software facilitates and hosts the entire process of selling outstanding invoices to the bank. This is accomplished by off-balance securization; the receivable moves from the customers balance to the asset side of the banks’ balance, while the financing goes the opposite way.
The process is fully automated, from raising credit insurance, sending payment reminders and generating collections cases up to reporting to the bank. Financing based on receivables in itself is nothing new, banks have been doing it for many years. Maurice Corver, founder and CEO at Cloud 9 Group: “What makes CREST© so special is that it is a software solution that simplifies the process to this extent and takes most of the work out of the hands of the customer. The only things the customer needs to supply are their customer and open invoice data”.
Which problem does your concept solve?
“Companies have a hard time getting credit. Banks want to extend loans but as a result of growing demands from regulation perspective they do not have the opportunity to do so. This regulation demands that they have assets against the loans they issue. The debtor portfolio of companies is any deal collateral. Financing debtors is something banks already do of course, but the process to get this up and running is very exhausting. Also, it is very hard to put a number of what financing can be expected. CREST© solves these obstacles. The terms for the transaction between corporate and bank are determined and subsequently absorbed in the system. The software then has an accurate way to estimate the value and maximizes the return on the asset.”
How will you make this idea to a success?
“We speak with a lot of different parties in the market, from banks and other financiers to credit insurers and -brokers. By absorbing all their knowledge and capabilities into the system, we make the process as efficient as possible. In the end the object is to simplify as much work as possible for corporates AND banks.”