Fri, 28 Jul 2017 | ADMINISTRATION
Manchester-based fintech company DueCourse has been placed into administration.
On 14th July the business entered administration with Charles Everritt of Leonard Curtis appointed as the administrator.
DueCourse raised £6.25 million in cash last year, in one of the biggest funding drives outside of London for a business of its type. Contributors included founders and investors in Zoopla, LinkedIn, TransferWise and LoveFilm.
The cash was intended to fund the growth and expansion of its software, with the next step being to raise another £10-15 million to grow its geographical reach.
The fintech company was founded in 2014 by Paul Haydock, who was a co-founder of myparceldelivery.com a courier service comparison service, Jonathon Grove and Tim Borden. Mr Haydock left myparceldelivery.com in 2013 at which point it had grown to £3 million in turnover.
The company’s software worked by way of linking up with its customers’ online accounting systems, to enable SMEs to access cash before invoice payments, getting paid within hours of sending out invoices rather than waiting up to 90 days.
On the move into administration Haydock told Tech City News: “We have decided to close one of the companies in the group as part of a planned restructure. Customers haven’t been affected.”
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