Article provided by ProfitShare Partners
Connecting SMEs to the funding solutions they need to expand is one of our core drivers. In a world that is advancing quickly with the need for instant services becoming the norm, SMEs like our client, 247 Mobile, are responding promptly to the trends with creative solutions through technology.
Established in 2016, 247 Mobile is a female-owned BEE Level 1 transport network company that provides corporates with driving services for their night shift employees. The SME recognised the need for safe, reliable transport services and developed a professional corporate service for the market in response to the Basic Conditions of Employment Act requirements for employees who work after 18h00 and before 06h00.
“Our fleet extends to the borders of Gauteng and Mpumalanga. We have 84 cars in operation for our client and we transport approximately 2,000 passengers per trip per day,” says Christine Mesolo, Chief Executive of 247 Mobile.
Through their business operations, 247 Mobile considered other challenges with transport in the market for both corporate and individual needs. In an effort to expand their solutions to reach more people in need of their service, 247 Mobile launched its subsidiary company – uMashesha, an on-demand mobility service – last year to introduce real solutions for their clients’ needs.
“One of our greatest challenges was accessing funds to finance our ideas. We also had limitations due to obligations at the time but that wouldn’t stop us from finding ways to expand and service the market,” added Mesolo.
To take the business to the next level, 247 Mobile looked to the banks for assistance but were declined because they did not have sufficient financial history, track record of clients. The SME however, had a valid contract with a reputable large corporate and approached ProfitShare Partners for funding.
“ProfitShare Partners went beyond what we expected and offered us a solution through our short-term contract. Our payment terms with our client were great but we needed access to funding quickly. When it came through, we were able to improve the quality of our service, launch our app almost immediately and implement our fleet management system, all of which has set us up for the growth we’re currently experiencing,” said Mesolo.
247 Mobile was able to create 42 new jobs as a direct result of the funding received. The SME is also realising one of their milestones faster than expected, and that is to expand nationally. ProfitShare Partners is proud to have played a role in enabling our client to achieve their business milestones earlier. They are on track to grow exponentially in the next year.