Social and medium scale businesses have perennially been plagued with the problem of access to finance.
Populous World, an innovative digital platform is solving that problem in the UK.
Populous World is an invoice discounting platform that helps small and medium-sized businesses with cash flow problems by helping them raise funds against invoices from the cryptocurrency community.
It was launched in June 2017 by Steve Nico Williams, a commercial date expert, and it is now rated as the 52nd most popular cryptocurrency token in the world, worth £96.5million.
Invoice finance is increasingly becoming more attractive to banks and has created new avenues for lending. This is because it depends on the collateral of the invoice due to the debtor.
In this wise, Populous connects business owners with invoice buyers on a global scale by leveraging the security, transparency, and speed of Blockchain.
Populous is a global P2P (peer-to-peer) invoice discounting platform built on blockchain technology. It combines the trust, transparency, security, and speed of Blockchain with proprietary smart contracts to directly pair invoice sellers and lenders to transact directly and without third parties.
According to the Populous website, “by submitting the required information [for seller background checks], Populous can conduct credit risk analysis using the XBRL dataset which forms the backbone of the assessment.”
How does Populous work?
“On a day-to-day basis, you send out invoices as work is completed or orders fulfilled,” Populous’s Lou Chan said.
“The pre-agreed proportion of each invoice is deposited to your bank account once a copy of the invoice has been received by the lender. The money can then be used to pay bills, company expenses, overheads, repay debt, or as part of a long-term plan for growth.”
Chan added that the minimum interest rate ranges from 4–5% discount per invoice depending on the company’s financial health on a 30-day term.
“Our fees quoted for both flexible financing and contractual financing are the only fees levied by us, where businesses do not have to worry about miscellaneous fees,” she explained.
The discounting platform was able to fund invoices worth £2,000,000 in the first year of operation.
Hyman Capital, a boutique merchant bank that offers consultancy services that help young, growing businesses to access new sources of funding, and Inspired Through Sport, one of the leading supporters of British athletes are two businesses that have sourced funds through Populous World.
“We are delighted to have played a key role in funding Hyman Capital and Inspired Through Sport’s cash flow obstacles,” Alex Oritogun of Populous said.
“Not only are they are both great companies, but it’s rewarding from our end to see how their businesses will flourish even stronger now and they can continue to offer improved terms of trade with confidence, giving them more power to win new customers.”
In March 2018, Populous traded for as much as $68.91. The success of Populous in the short time since it was created was surprising to Steve.
He initially thought it would raise a few thousand pounds. But with more than one million pounds raised in 24 hours, Steve said the success has been phenomenal.
“‘The success Populous has exceeded all expectations – we thought it would do well but this has been phenomenal,” Steve’s brother Sam Enrico Williams, told Daily Mail.