In the penultimate episode of the GIBS Entrepreneurship Development Academy Slaying in Your Lane series, sponsored by fintech company ProfitShare Partners, founder and CEO of the company, Andrew Maren, discusses access to cash for SMEs with host, Udo Osuigwe.
Known as a market disruptor, ProfitShare Partners has facilitated access to much-needed cash when SMEs, in particular, have done the hard work to win business, received the signed order – and just don’t have the cash flow to pay for the goods.
It is with Maren’s impact on small businesses that Udo begins his introduction of Maren as a “serial entrepreneur” with vast financial sector experience and a passion for supporting SMEs, the backbone of any economy.
“As a fintech business, ProfitShare Partners uses technology to enable finance,” Maren says. “We are able to finance small businesses without the need for financials, track record and more.”
Maren explains that in every transaction, there is a performance element. Once a business delivers the goods or services they’re in the business of selling, they get paid by their client. “Many small businesses are frustrated by finally landing the big contract, approaching their funder for the cash – and being told their financials don’t stack up, so a cash injection isn’t possible.”
Traditional banks are not in the business of funding a transaction based on an “if”, says Maren. “This keeps a lot of entrepreneurs out of the market, particularly in a country of huge marginalisation or generational wealth.”
Visit the GIBS Entrepreneurship Development Academy Facebook page here to hear Maren’s responses to Udo Osuigwe’s questions all entrepreneurs and SME owners want to know, including how he funded his own beginnings, and how certain banks are working with the company and taking those who got their start from ProfitShare Partners to a whole new level.
Importantly, hear Maren out as he talks about not being disheartened, not giving up on your dream. This is a man who speaks from personal experience; from taking the knocks to realising his dreams not only for his own company, but for the SMEs of South Africa.
For anyone who listens to podcasts and mentors willing to share their “secrets to success”, Andrew Maren’s Slaying in Your Lane talk is a must. The message from the man and his fintech is getting around to SMEs of all sizes and types: “Don’t despair – ProfitShare”!