Credabill, which aims to “disrupt” the multi-billion pound UK home improvement market, has raised 102% (£512,528) of its £500,000 target from 126 investors with 9 days left in the firm’s crowdfunding campaign, carried out via Crowdcube.
Credabill reports a Pre-money valuation of £4,000,000; Equity: 11.35%; Share price: £2.08.
As noted in the update, Credabill aims to disrupt the multi-billion pound UK home improvement market “by enabling businesses to offer their customers monthly finance, at point of sale.”
With an increase on new businesses signing up per month to currently 60, they are “now raising to grow their team and expand their user base with increased marketing.”
Key highlights are:
- MVP used to quote £4.7m of home improvements with ~£1m in loans paid out
- Full permission FCA authorisation
- Affiliation with MyJobQuote.com to introduce Credabill to its 30k users
- Experienced founder
As mentioned in the update, 37% of UK consumers “use ‘Buy Now Pay Later’ services to spread the cost of purchases.”
The firm 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 & direct FCA authorization.”
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 & Credabill brings this benefit to home improvement businesses with ease.”
Businesses create & 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 & the payment “is released to them, minus a processing fee.”
The firm has launched their MVP in 2020 “to a small beta market & has since been used to quote ~£4.7m worth of home improvements with ~£970k in loans paid out.” Their platform “went live in Jan ‘22, & 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, they are “now raising to expand [their] team and further develop [their] technology to meet demand.”
They welcome you to join then on their “exciting” journey.
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