Disruptive Financial Technology Platform Went Live on NetSuite OneWorld in Just Three Months
LONDON, Oct. 11, 2016 /PRNewswire/ -- NetSuite Inc. (NYSE: N), the industry's leading provider of cloud financials / ERP and omnichannel commerce software suites, today announced that LendInvest, the United Kingdom's leading online platform for property lending and investing, has joined a growing list of financial technology (FinTech) firms that have implemented NetSuite OneWorld to support rapid business growth. LendInvest is now relying on NetSuite OneWorld to run mission critical business processes including financial consolidation, revenue recognition, multi-currency in British Pounds and Euro, multi-tax compliance, and multi-subsidiary management. With NetSuite OneWorld, LendInvest has gained the scalability, flexibility and agility needed to support its rapid business growth, cope with continuous change and adapt to the challenges of creating a new business model to disrupt the traditional market for short-term mortgages and home loans.
Founded in 2013, LendInvest has connected hundreds of borrowers representing over 2,500 building projects with nearly £750 million in investment capital. The financial technology innovator, alternative investing and lending service has a unique and powerful platform which manages credit risk and responsibly manages the relationships between borrowers and lenders. By connecting lenders and borrowers directly, LendInvest is making it easier to buy, improve and develop properties.
In late 2015, many of LendInvest's back-office processes were buckling under the strain of its rapid growth. Many regulatory processes and best practices lacked automation and business rules control, forcing the company to rely on Excel spreadsheets to manually manage revenue recognition. It quickly outgrew TAS Books Online, a rudimentary accounting software package with limited functionality that lacked the sophisticated auditability and financial controls required for modern businesses preparing to scale.
In addition, as LendInvest partners with larger and more sophisticated investors, the company needed a software system that would allow it to access real-time information on the status and health of its loans.
"We're changing the way people invest in property, and are doubling in size every year," said Derek Mochan, LendInvest CFO. "NetSuite OneWorld gave us a complete business management software suite that was easy to implement, had strong integration capabilities, was easy to use, and offered unrivalled reporting and analysis capabilities."
NetSuite OneWorld delivers the following features and benefits to LendInvest:
- Rapid implementation. LendInvest implemented and had NetSuite OneWorld up and running within three months of purchase, speeding time to value.
- Native cloud solution. Version lock, painful upgrades and maintaining on-premise systems all go away with NetSuite. Instead, LendInvest gets automatic product updates and a platform that allows for easy customisations and integrations.
- Flexible and powerful customisation and integration capabilities. NetSuite's SuiteCloud development platform provides flexible customisation tools to meet LendInvest's needs, and can quickly connect with complimentary software solutions.
- A scalable platform. NetSuite's scalable infrastructure enables the business to be flexible as it expands to support growth, without significant expenses.
- Real-time visibility and business intelligence. With NetSuite OneWorld, LendInvest can gain real-time insights into key performance indicators (KPIs) for a unified view across the head office and subsidiaries with a single version of truth.
- Multi-country currency management and tax compliance. LendInvest already accounts in both pounds and Euros, and the multi-currency and multi-country tax compliance functions position the company for further growth.
Already accounting for over 10 percent of the short-term mortgage market in the UK, LendInvest is looking to continue its growth.
"For a midsized, fast-growing company like LendInvest, NetSuite OneWorld offers the perfect platform to move away from disparate, unconnected systems and manual processes," Mochan said. "It allows us to plan future growth and international expansion with software as a catalyst, not a constraint."
In 1998, NetSuite pioneered the Cloud Computing revolution, establishing the world's first company dedicated to delivering business applications over the Internet. Today, NetSuite provides a suite of cloud-based financials / Enterprise Resource Planning (ERP) and omnichannel commerce software that runs the business of more than 30,000 companies, organisations, and subsidiaries in more than 100 countries.
For more information about NetSuite, please visit www.netsuite.co.uk.
NOTE: NetSuite and the NetSuite logo are service marks of NetSuite Inc. Third-party trademarks mentioned are the property of their respective owners.
SOURCE NetSuite Inc.