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Tech Lowdown: FreeAgent, Transferwise, Starling Bank, itsettled

This week, our tech round-up features Transferwise and FreeAgent partnership, a company update from Starling Bank and the launch of credit control app itsettled.

11th Aug 2020
Staff Writer AccountingWEB
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Transferwise and FreeAgent partnership

Following collaborations with Xero and QuickBooks this year, TransferWise today announced its partnership with FreeAgent

The collaboration via an Open Banking integration will enable respective customers to automatically feed TransferWise transactions into their FreeAgent account without the manual upload of statements.

“This partnership was highly requested by our customers and continues our mission to bring a more convenient experience to our small businesses customers,” said TransferWise managing director Stuart Gregory.  

“We anticipate this will be a very popular addition for our customers”, added FreeAgent CEO and founder Ed Molyneaux.

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Starling Bank August 2020 update

In a recent letter from founder and CEO Anne Boden, Starling Bank detailed its growth over the past nine months.

Since November 2019, Starling has gone from 926,000 to 1.25m retail accounts, from 82,000 to 200,000 small business and sole trader accounts, and almost 90,000 euro and US dollar accounts. 

Starling held just over £1bn in deposits in November; by the end of July the figure exceeded £3bn. During the Covid-19 crisis, the digital bank has lent funds to more than 25,000 businesses in Bounce Back Loans and £300m in Coronavirus Business Interruption Loans through a partnership with Funding Circle.

Starling Bank is now quoting and an annualised revenue run of £80m, putting it on track to reach break even by the end of 2020, Boden said. Further figures can be found in July's Trading Update.

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Launch of itsettled

Automated credit control app itsettled, backed by NatWest, officially launched last week, claiming “to tackle the UK’s late payment epidemic”.

The startup pledged to help 30,000 businesses in the next five years “get the tools, knowledge and confidence to get paid for their products or services” with its “proven and legally compliant process for SME’s to chase their outstanding invoices”.

“It’s absolutely shameful that small and medium businesses, who make up over 90% of all businesses and represent three-fifths of the employment in the UK private sector, are failing because they’re not getting paid for work they have completed,” said Itsettled founder and CEO, Glen Morgan. “This has to stop, and we’re ready for the challenge.” Morgan recently acted as an advisor to the UK government’s Parliamentary Review and Leadership council on late payment. 

itsettled automatically collects payment on invoices, acting as a credit controller. It offers three packages based on client requirements needs and includes all-compliant emails, letters and call scripts “needed to run an effective credit control process”, and offers the managing all letter-posting as an additional option.

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