Designed so businesses don’t miss a beat, UK financial management platform Pulse is expanding its service packages which provide firms with on-demand, comprehensive views of where they stand.
The AI-powered business organiser’s insights enable informed decision making by highlighting a company’s current cash flow position, growth opportunities and operational efficiencies conveyed through a simple user interface.
Pulse’s suite of tech tools can also red flag where problems could arise in future. The average age of a client company is seven years, and they come from a broad range of sectors, however demand from those that need to buy in advance, such as in manufacturing, retail and construction, is particularly strong.
With an average monthly subscription costing £50 and flexible timescales, Pulse’s aim now is to bring 100,000 more small and mid-size firms (SMEs) on board over the next three years and develop its comparative benchmarking and forecasting solutions.
Founded three years ago by chief executive Chirag Shah, the London-based company employs 90 and sits alongside lender Nucleus Commercial Finance that he set up in 2011 which uses the bespoke systems Pulse has developed.
“During the pandemic businesses struggled to access information and post-Covid SMEs see the benefits of sharing data. All that has led to Pulse,” explains Shah.“But data has to be meaningful and useful,” he points out. “Ours is. Security is the top priority for everyone and one of the key achievements of our technology enables our partners to easily and safely integrate with our platform.
“Our products evolve to meet the changing requirements of all those we work with: advisors, auditors, banks and SMEs themselves, so we deliver the right insights and functionality. On the benchmarking front for example, take a subcontractor in the construction sector who is historically profitable and having just won a new contract updates their forecast with Pulse, which takes just five clicks. But this then flags a cash hole in three months’ time. We can help them understand why that could the case, perhaps longer payment times. With this information a business can be proactive, try renegotiating terms and avoid the impact of new pressures.”
Investment has been self-funded, but at the end of this year Shah will look for an external investor “who understands software-as-a service platforms and is experienced in introducing new customers,” he adds. Pulse currently has 15,000 clients and with the aim is “to grow fast”, has £60million turnover target for 2027. Shah has also identified the US and Europe as the next areas for expansion.
In the UK consultations are underway with banks to include Pulse as an added benefit product in their business account offering for customers. “We give people information, how they use it is up to them,” says Shah. “But that can go further, learning how the knowledge impacted their decision and then what happened. Follows-ups about follow-ups will provide vital insights going forward.” https://mypulse.io
