Formulate Digital

Overview
Working with a company like Growth Street was just how it should be - pain free and quick with constant communication and no hidden surprises.
Established

2011


Location

Surrey

Industry

Software


Who are Formulate Digital?

Formulate Digital builds and markets web and mobile apps for, in most cases; large companies, banks and government agencies who want a small company's agile approach, in combination with experience of working in regulated and highly secure environments.

The company has been going for five years now with a focus on expansion in the last two years, increasing from two people to almost ten. They have kept their small company feel, based in converted farm buildings in leafy Guildford, Surrey, and love being a stone’s throw away from their London clients.

Over the five years, they have been selected by some of the UK’s most prominent brands such as RBS, Department of Education, L’Oreal, Grolsch and many others - an achievement they are hugely proud of. 

More recently, this expansion has taken a further turn through the creation of a joint venture company with one of the City’s most recognised firms to build, what is intended to be, a world class product for release in 2017.  But, that’s all they can say about it right now. 

What was their challenge?

As you can imagine, their challenge was to ease the cash flow issues which stems from expansion. They never had so much as a credit card through careful cash management and sensible forecasting. However, as most companies will know, working with big clients often mean late payments of invoices.

So, Formulate Digital wanted to find a cash flow solution without the pain and suffering of going through the process with a bank, and this comes from a company who works with banks every day. 

How did they find a solution?

Google, naturally. They didn't know a product like Growth Street existed. All they knew was that invoice finance would not be right for them. But thankfully, Growth Street popped up on a search and off they went.

How was working with Growth Street?

Now this isn’t an exaggeration, within 30 minutes between Richard and Elissa (Formulate Digital CFO), and with the extremely helpful Growth Street team on the phone and live chat, their application was submitted. They didn't have to post any forms, take any photos of forms with phones, or sign away houses as security. None of that. Simple. Perfect. That’s how it should be. 

One week later their facility was in place, and still no posting of forms!

The relationship with Growth Street was just how it should be - pain free and quick with constant communication and no hidden surprises. Growth Street's web portal and use of technologies, like two factor authentication through text messages, has made cash flow management a pleasure for Formulate Digital. Well, almost.

A sparkling difference to any experience we’ve had with a bank, cash flow management for the cloud era is here.

Richard Smith

CEO

www.formulatedigital.co.uk

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