Blantyre-based fintech Know-it teams up with Scottish EDGE to support entrepreneurs

Know-it, a Scottish EDGE Round 18 winner in 2021, and a cloud-based credit management platform that it says streamlines credit checks, allowing users to credit check and monitor, chase payments, collect overdue unpaid invoices and more, works with such such as Companies House, Unsecured Creditors, Sage, Xero, QuickBooks and FreeAgent.

It adds that it is giving access to its platform for free for 12 months to all previous co-winners, saying companies are finding it increasingly difficult to manage their cash flow amid a series of economic headwinds. Fintech said the partnership helps businesses get paid faster through automation, freeing up time to focus on other priorities.

Know-it added that Scottish EDGE is a funding competition to identify and support Scotland’s innovative entrepreneurial talent with high growth potential and over the past 19 funding rounds has helped support and create 2,500 jobs while supporting 515 entrepreneurs with more than £20 million of the investment. It reopened last month for submissions for its 20th round of funding in the past eight years.

Lynne Darcey Quigley, founder and CEO of Know-it, said: “As a recent Scottish EDGE winner, this is an opportunity to give back to support other entrepreneurs and give them access to a fantastic credit management solution.

“There has never been a better time for a digital solution like Know-it to support early stage start-ups and entrepreneurs like Scottish EDGE winners.”

Evelyn McDonald, who leads Scottish EDGE, said: “There are many challenges facing [small and medium-sized enterprises] currently including rising fuel costs, inflation leading to increases in interest rates on loans, pressure to increase wages, increased production and distribution costs and coronavirus support loans starting. There is a high risk that late payments will increase, and company insolvencies are predicted to rise by 33 percent this year alone.

“Additionally, sometimes when a business is at an early stage, they will be so excited to work with a client that they will not do the necessary checks before engaging. The Know-it platform, developed by one of our EDGE winners , will ensure that EDGE winners ‘know’ exactly who they are doing business with.”