Australian SME financier Grapple is integrating new artificial intelligence (AI) capacities into its Lendtech platform, coinciding with a landmark achievement of surpassing the AUD $200m mark in funded invoices.
2023 has proved to be a prolific year for the Sydney-based company, as it posts record-breaking results driven by its industry-approved platform. Grapple has reported a remarkable 115% surge in invoice finance facilities within the new financial year, mainly attributable to their core invoice financing services, Grapple Plus.
Stephen Dawson, CEO and Founder of Grapple, says: "The strong growth on our digital invoice finance platform is underpinned by the platform's excellent functionality and ability to integrate with other systems easily. The integration of Grapple AI will enhance that market-leading performance."
"We are now making our platform available to other lenders and banks so they can achieve the same growth in the product that we are experiencing."
Grapple is making history as the first invoice financier to utilise a 'ChatAI Assistant', known as 'GrappleAI', in their operations. The AI tools provide users with improved access to data, reduced operational workloads, and aid in risk mitigation.
GrappleAI's beneficial aspects encompass a wide range of capabilities, from effortless addressing of client queries regarding business lending guidance to customisable lending rules and guidelines per bank or lender. This robust system is also capable of generating valuable business intelligence, including real-time information on disapprovals, risk alerts, account verification and drawdown requests, among other features.
Dawson further explains the appeal of Grapple's new foray into AI: "We've built and stress-tested our highly scalable platform to integrate fully with widely used cloud accounting software and ERPs as well as various APIs to credit agencies, payment gateways, banks and AML/KYC providers."
"With real-time and individualised reporting and tracking features, clients and admins can see precisely where they are. Our automated workflows, alert system and vigorous reporting capability will guide users through the entire process with ease and in a lower-risk environment."
"The fact that Grapple has a high-performing portfolio of clients demonstrates the integrity of the platform and our systems," says Dawson.
Grapple has been at the vanguard of streamlining cash flow solutions for Australian SMEs since its inception in 2018. The innovative company was founded by Stephen Dawson following his observation of revolutionary technological advancements in the UK's equivalent marketplace.
To date, Grapple has facilitated the processing of excess of 180,000 invoices amounting to a hefty AUD $205 million in value.
The digital platform developed by Grapple has been praised for its efficiency and seamless integration capabilities with pre-existing accounting systems. By accelerating the approval process and digitising administration, Grapple is making invoice financing straightforward and fast.
The robust, scaleable platforms are designed to cater to SMEs and corporate clients, seamlessly integrating with current payment, management and finance-tracking systems, thereby simplifying workflow management and reporting.