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Credabill
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== Idea<ref name=":0">Source: Crowdcube.</ref> == <vimeo>710709475</vimeo> 37% of UK consumers use ‘Buy Now Pay Later’ services to spread the cost of purchases. Credabill believes that gaining access to a customer financing facility for small home improvement businesses has been too difficult for too long, with many providers requiring at least £1m in turnover, 2 years trading history and direct FCA authorisation. Credabill allows any home improvement business regardless of size or age to offer monthly payment finance. A Forrester study shows that businesses providing customers with a finance option experience a 30% increase in sales and Credabill brings this benefit to home improvement businesses with ease. Businesses create and send quotes that offer options for customers to spread the cost. Customers can tailor the quote to a suitable monthly amount with or without a deposit. Once approved the business completes the home improvement and the payment is released to them, minus a processing fee. Credabill launched its MVP in 2020 to a small beta market and has since been used to quote ~£4.7m worth of home improvements with ~£970k in loans paid out. Its platform went live in Jan ‘22, and has been used to quote ~£3.5m with ~£840k in loans being arranged. From onboarding 10 businesses in the month of Jan 2022 to around 60 in the month of May, Credabill is now raising to expand its team and further develop its technology to meet demand.
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