Kapwork, the company increasing access to working capital, announced Kapwork Verify to help Factors deploy capital “faster, minimize risk, and reduce operational costs.”
Verify’s Portal Agents automate invoice verification across thousands of vendor portals, “saving time and cutting operational costs by as much as 20%.”
With Kapwork, Factors can improve operating margins while unlocking more funding for small businesses.
Factoring is the practice of selling “unpaid invoices to a third party that has remained largely unchanged and is hampered by back-office overhead and substantial risk.”
Invoice verification is said to be a vital aspect of factoring that has required tedious “manual effort, risking costly errors and potential fraud.”
Kapwork reportedly combines automation, data-enrichment, and security to automate verification and deliver “a new level of integrity and operational efficiency in the invoice-to-cash industry serving $150B in assets under management” according to Grandview Research.
Kapwork Verify makes it easy for Factors to “scale their operations and speed up transactions.”
Portal Agents can be configured to retrieve “all types of data from invoice to remittance details across 1000+ systems of record including Ariba and ISupplier.”
Records can run on demand or a specific schedule “to ensure information is timely and accurate.”
Verify maintains secure access and control “over vendor portals, authentication, and data visibility to safeguard sensitive information and meet compliance standards.”
Mauricio Vergara, CEO at Kapwork said:
“Factors have helped businesses thrive by providing essential working capital, but today they’re held back by manual processes and unnecessary risks. We built Kapwork to give factors the technological edge they deserve – not disrupt their relationships with small businesses, but to strengthen them. Our technology automates the most tedious parts of the process so factors can focus on what they do best: getting capital to businesses when they need it most.”
Kapwork was cofounded by Mauricio Vergara and Chief Technology Officer Pete Thomas, who claim to “understand firsthand how long payment terms and slow cash flow threaten small businesses.”
Vergara brings expertise in entrepreneurship and technical leadership – from founding and “operating a small business to driving developer ecosystem growth at industry giants Google and Unity Technologies.”
Over years spent scaling global developer programs and “supporting app developers, he saw how payment friction impacts businesses at every stage of growth.”
Thomas has spent decades supporting “the application of new technologies to the business world.”
As co-founder of financial services C2FO, a unicorn that has accelerated over $100 billion in payments for business, he developed “a new digital path to delivering on-demand working capital and championed a more inclusive financial system.”
Kapwork also announced the appointment of Zachary Kuney as Strategic Advisor.
As a Managing Director at Google, Kuney reportedly “brings experience scaling multi-billion dollar business and building high-performing global teams across the ad tech and retail sectors.”
Kuney said:
“There’s a clear opportunity to radically improve how working capital flows to businesses. Traditional processes in this space are manual, opaque, and expensive, and transformation is long overdue. Kapwork’s platform reduces backend costs for partners while adding much needed transparency to the ecosystem. I’m excited to help this talented team scale their operations and bring this solution to more customers.”