‘On Demand’ business model delivers $1 billion in technology finance requests

22 July 2008

smartfundit, the equipment leasing and IT finance marketplace, announces technology financing volumes through its online platform now exceed $1 billion.

Finance on demandTM is rapidly increasing in popularity for both technology vendors and their customers. Surpassing the $1 billion milestone in technology finance requests since its launch in 2006 serve as a validation of this visionary business model. Commenting on the achievements, Justin Floyd, Chairman and CEO, smartfundit, said, “We launched smartfundit because we recognised that obtaining business finance can be costly and time-consuming. As consumers, it’s become second nature to do practically everything over the web - banking, insurance, holidays. So we chose to take the same approach for asset finance and provide businesses with a simple, fast and effective alternative to the inefficient way of finding critical financing alternatives for their organisations.”

Originally designed to provide technology vendors with the ability to source and secure computer leasing and software finance for their customers in real time, the smartfundit platform now attracts a growing number of end users which discover the benefits of finance on demand for their organisation.

Eleanor Bursk, Commercial Director for Speedy Products1, is one of the decision makers that is taking advantage of competitive rates and the transparency they have over their financing terms. When faced with a decision on how to streamline the Asian with the UK operation of Speedy Products, Eleanor chose not to pay cash but to finance the system instead, stating, “financing was the cheapest and most efficient way of paying for the technology we needed in China”. Eleanor continues, “we did go out into the market to search for finance, but found that the quote from smartfundit was the most competitive we found.”

As the economic climate continues to face uncertainty and budgets are being scrutinised, financing is a good way for software vendors to accelerate their sales cycle. Wayne Chopping, Managing Director of Steam Software2 decided to get in touch with smartfundit when he encountered a particularly challenging deal that their existing finance provider was unable to fund. Upon closing the deal, which would have been lost otherwise, Wayne commented: “I’d like to thank the smartfundit team for their professionalism and patience in getting this difficult agreement sorted out. It was commented on by the client also, and I’ll certainly be using smartfundit as my preferred finance source again.”

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