Short-term staff, long-term solutions
When startup FundX had a complex credit analysis challenge, they turned to Marketplace to engage with experts.
FundX founder and chief executive officer David Jackson knew cash flow was a major hurdle for small-to-medium businesses in Australia, but he didn’t understand how disruptive it could be until he experienced the problem in his recruitment business.
“The team came back to us a few times during the process, it wasn’t set and forget, it was very consultative. Having the KPMG experts at a competitive rate thanks to the functionality of Marketplace was brilliant.”
He set out to find a solution, and with a team of like-minded entrepreneurs, put the wheels of FundX in motion. It’s an invoice discounting service, but designed to streamline the borrowing process and be accessible to small businesses.
To make FundX viable, Jackson needed specific knowledge in credit risk analysis, so he approached KPMG Marketplace for help for some short-term staff. He booked two experts on a nine-day assignment and they developed the foundations for the ‘no or go’ response capability to credit decisions. They helped FundX establish interest rates for loans and to benchmark the minimum security required for an advance.
Now 18 months on, with an online prototype live and an official launch close, Jackson and chief operating officer Val Sabulis are confident in the future of the product.
“We are aiming to help small businesses grow and stop them from going bankrupt, which will be a really good feeling.”
To find out more about FundX, visit The FundX website.