MTT CASE STUDY - Due Course

21 January 2016 - 2:32pm

DueCourse is a financial technology company founded in 2015 by Paul Haydock, Jonathon Grove and Tim Borden, to address the issue cash flow for small and medium sized businesses.

After running small businesses themselves, they had become frustrated with the lack of control they had over their business cash flow, which generated the idea for DueCourse.

The idea offers a straightforward finance solution for SME’s - link DueCourse to your accounting software, and then each time you send an invoice DueCourse will offer you a percentage of the invoice as an advance and you pay it back, with fees, when your invoice is paid.

Unlike traditional invoice discounting or factoring, DueCourse provides its customers with a flexible and completely confidential solution. It’s up to you which of your invoices you would like an advance against. There aren’t any subscription or setup fees to pay, just a daily fee for each advance that is received.

The company received guidance and help from Peter Lusty, Manchester Tech Trust’s Chief Executive, on its business model and the investment landscape.

Co-founder and CEO Paul Haydock says: “Since going live with the product, the company has seen week-on-week growth and is currently raising another round of funding, to help us to grow and build the team.”

DueCourse has plans to move into the European markets as their next big development.

 “There are so many different agencies and people offering services in the city, and it’s very confusing to understand who does what.

“The launch of Manchester Tech Trust means all of that information is being pulled together to offer what will be an invaluable service for start-ups in Manchester.

“I especially hope that the work of MTT will bring more transparency to the funding landscape in Manchester, which is currently highly fragmented.”

“Currently, all of our funding comes from outside the city and it’s the only thing that Manchester is missing; but I hope Peter and the trust will soon be able to close that gap.”