In Founder Focus we introduce entrepreneurs and innovators working on our next generation of new business startups, social enterprises and small businesses.
At a glance
Founders: MATTHEW PEACOCK & Paul Verić
Business: IPromise
Founded: 2021
HQ: Taranaki
Can you tell us a bit about your business?
IPromise is a SaaS (Software as a Service) product designed to solve the broken invoice payment system. Our current market is SME’s.
Invoice payment is where a service provider does the work and invoices the client for payment after the project has been completed. The payment process is slow (generally 4+ weeks after project completion), payment is unfairly controlled by the Client and always unsecured which is why there is a systemic problem with overdue and non-payments, bad debt, cashflow and ongoing financial woes for the Supplier.
IPromise is an innovative app that provides a quoting system that safely secures Client payment in our BNZ Trust Account before work starts. The Supplier gets paid within hours of them successfully completing the project. We have integrated KYC, Xero, a leading payment provider (Windcave), instant messaging, post transaction reviews (like Trademe and Uber) all in an end to end payment solution that is automated and controlled by the Supplier and their Client.
If you operate in the service industry, IPromise is built to improve and secure your business’s cash flow. Whether you work in Professional Services, Construction, Consulting, Manufacturing, or any other service-based industry.
What’s the backstory for your business idea?
Matt Peacock is a Civil Engineer and has gained intimate knowledge of the construction industry through his 20+ years practising engineering (including being a Director of his own engineering firm for 17+ years).
About 2.5 years ago Matt approached Paul Verić (an old school and surf life saving friend) with an idea borne out of his own frustrations and those of the 100’s of Suppliers and Clients he has interacted with that work in the invoice payment system.
We spent 18 months researching the problem and developing the solution which has evolved into IPromise, a web app SaaS product.
IPromise was launched in late 2022.
What programmes, learning or mentoring have been of assistance so far?
The startup community has been tremendously generous with their time, advice and support. In fact, too many people to name. We often get recommendations of people to meet, we just ask them for a meeting, and I don’t think anyone has ever said no. We learn something from every single meeting we have had. We are both avid readers and podcast enthusiasts.
We have a great partner/supporting organisations; BNZ, Stripe, Windcave, Xero and Cloudcheck GPG.
The other key assistance has been from our awesome set of contractors and consultants. We have used many to date and they have all been key in filling skill sets we just don’t have. Don’t bluff if you don’t know and we are very honest and quick to get in the right skills when we need them.
Finally our small but committed team has been incredible. CTO, Simon Spurdle deserves special mention. We couldn’t have launched IPromise without him and his coding magic!
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