Yordex announces £500k raises to accelerate next-generation business software
Yordex has raised £500k from investment company Bloc Ventures to accelerate its mission to help fast-growing businesses take their Finance function to the next level.
Founded in 2017 by former Worldpay Executives Erik De Kroon and Hardeep Nagi, London-based Yordex have developed a next generation finance software designed to take the finance function of fast-growing businesses to the next level while allowing them to remain fast moving and agile.
With rapidly growing businesses, the finance function can become a stress point with existing processes and systems no longer fit for purpose. Spend becomes harder to control, cash flow becomes harder to manage and the Finance team has to expand rapidly just to stay on top of things.
Aimed at businesses with a turnover of £1m to £100m – Yordex have developed a Finance Portal with features including Budget Management, Invoice Central and Cash Management, so that fast-growing businesses can benefit from greater transparency, better spend control, improved cash flow management, reduced processing costs (of up to 75% ) and an increased ability to get paid on time.
As the lead investor, Bloc Ventures, founded by industry veterans from ARM and Vodafone, uses its own purpose-built business model to invest in early stage tech companies specializing in markets that are driving change and growth in enterprise and industry.
David Leftley, CTO and co-founder of Bloc Ventures said: “Fast growing businesses today are stuck between a rock and a hard place. They have outgrown SaaS Finance software solutions like Xero, but moving to a traditional ERP system is expensive, time consuming and will slow them down. Yordex allows them to remain agile while putting in place the processes, controls and visibility a company of their size needs.”
De Kroon, co-founder of Yordex added: “Our software allows fast growing companies to improve the bottom line by better controlling spend and responding faster when things change. Our software also saves Finance up to 75% processing invoices, payments and month-ends.”