Kapwork launches platform to streamline invoice factoring

Kapwork has announced its new platform, Kapwork Verify, designed to streamline and expedite the process of invoice factoring.

Kapwork Verify integrates directly with vendor systems to automate the verification of invoices, a task traditionally performed manually, which often consumes time and introduces the possibility of errors and fraud. The company claims that its system can reduce operational costs by up to 20%.

Mauricio Vergara, CEO of Kapwork, stated, "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." He emphasised the role of their technology in automating cumbersome processes, allowing factors to focus on providing capital to businesses.

Invoice factoring involves selling unpaid invoices to a third party and has traditionally been a labor-intensive process. Through its automation, Kapwork Verify aims to provide greater efficiency and security in the management of over $150 billion in assets under management. Data from systems such as Ariba and ISupplier can be accessed and verified seamlessly, ensuring timely and accurate transactions.

The potential appeal of Kapwork Verify to factoring businesses is reflected in comments from industry figures, such as Dean Rosenthal, CEO at TowerCap, who remarked, "Kapwork has transformed our daily work routine. The invoice verification saves hours spent on manual checks, allowing us to focus on more important tasks."

Kapwork was cofounded by Mauricio Vergara and Chief Technology Officer Pete Thomas. Vergara brings experience both as an entrepreneur and in technological leadership, having previously worked with large corporations such as Google and Unity Technologies. Thomas has spent considerable time advancing technology applications in business, notably contributing to financial services firm C2FO.

Zachary Kuney has recently been appointed as a Strategic Advisor to Kapwork. Kuney, a Managing Director at Google, has extensive experience in scaling multi-billion dollar operations and building effective teams. On joining Kapwork, Kuney stated, "There's a clear opportunity to radically improve how working capital flows to businesses,' and highlighted the benefits of Kapwork's platform in reducing backend costs while increasing transparency."

The new platform is now available and offers a free tier for factors, allowing up to 600 credits per month for invoice verification. With an easy integration and registration process, Kapwork Verify seeks to ease the operational load for factors while providing broader access to capital for small businesses.

Kapwork is building a more equitable future where every business can access working capital to grow. Their first product, Kapwork Verify, uses an automated, data-enriched platform to accelerate the invoice to cash process and help Factors more easily deploy capital to small businesses.