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Everything you need to know to “Symplefy”

your working capital!

Still Considering Symplefy?

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Who is Symplefy?

Symplefy is an innovative working capital platform that grows with your business, providing easy, fast access to funds from your unpaid invoices.

Utilizing unpaid invoices, Symplefy gives you a flexible line of credit with no minimum contract period, no minimum spend, no hidden fees and only charges for the credit you use. You draw down funds from your account as and when you need them. Your credit limit is adjusted in real-time as invoices are raised and paid.

What are Symplefy's rates?

Rates start as low as 1% per month and are tailored for each business. Your rates will depend on your company’s financial health, the industry you operate in and the size of your facility.

You’ll only pay for funds you choose to borrow, not on the face value of invoices, allowing you to further reduce your cost of capital.

Will I need to sell my invoices to Symplefy?

Symplefy will not purchase your invoices, take over collection of payments or contact your customers. Symplefy extends a revolving line of credit with your invoices assigned to Symplefy as security for the loan. Symplefy also remains fully confidential and your customers pay into a payment account set-up by Symplefy in your name.

What currency does Symplefy transact in?

Symplefy can transact in almost any currency, but the most common are USD, CAD, EUR, GBP, NZD, AUD, HKD, and SGD.

Is Symplefy regulated?

Symplefy holds a Capital Markets Services Licence under the Securities and Futures Act of Singapore, issued by the Monetary Authority of Singapore.

How do I contact Symplefy?

You can contact us by emailing customersupport@symplefy.com or you can chat with us here.

Getting Started with Symplefy

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Am I eligible for Symplefy?

Typically, if you meet the following criteria:

  • You produce goods for export.
  • You have been trading for more than 12 months.
  • You invoice customers after the work is complete.
  • You have more than $10k in unpaid invoices.
  • You invoice multinational, listed companies on a stock exchange from:
    • North America
    • Europe
    • U.K.
    • Australia
    • New Zealand
    • Japan
    • South Korea
    • Hong Kong
    • Singapore
How do I apply?

Click Apply and complete your application for a preliminary approval. Once you’ve completed your application, we’ll be in touch to discuss. This is a good time to ask us questions.

What documentation do I need to apply?

You will need:

  • Business registration
  • Proof of legal representative (board resolution and/or company charter if applicable)
  • List of Shareholders
  • List of Directors
  • Passport or CMND of your legal representative and director(s)
  • Current Accounts Receivable Aging
How quickly can I get funded?

Once we have all the required information, we aim to get the funds into your account within 48 hours.

Is there a loan agreement?

As with any loan, you will need to sign an agreement, but there is no fixed term commitment. You can exit penalty-free providing your balance has been paid down to $0.

Will Symplefy contact my customers?

No, your facility is confidential, and we do not contact your customers.

How does Symplefy protect my data?

Your data is transferred using industry standard 256-bit TLS encryption technology. Symplefy stores your data within a Singaporean data center configured with multiple firewalls and network intrusion detection technology. All Symplefy employees meet stringent reference, credit and criminal checks and only those with a direct requirement can view your data.

Using Symplefy

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How is my credit limit calculated?

Your credit limit is determined by the total value of your eligible outstanding invoices, as well as the level of funding required.

How do I choose which invoices to finance?

Once you have been credit approved, you will be asked to log into your Symplefy account and upload which invoices you wish to submit for funding.

What is the difference between facility limit and available balance?

Your facility limit is the maximum amount you can borrow. If you have reached your facility limit, you must wait until your customers have paid some invoices (and therefore repaid your loan balance) before you can draw down on funds again.

Your available balance is the amount you can access at any one time. This will never be higher than your facility limit and is determined by the value of current outstanding invoices, as well as the funds already owing.

How do I draw funds?

Upload your invoice(s) to Symplefy. Once you have been notified that your invoices have been verified, you’re ready to start drawing funds. Simply hit the drawdown button on your Symplefy dashboard and enter the amount you require.

How do I add more customers for funding?

Within the Symplefy platform, go to the Customers tab. From here you can select customers for funding. If you wish to de-select a customer, you can do it here also.

What makes an invoice eligible for funding?
  • Invoices that have been raised at the completion of providing a good or service
  • Invoices that are NOT milestone, staged or progressive invoices
  • Invoices that are aged no more than 90 days from issue date
  • Invoices that are for goods produced for export
  • Invoices that are issued to multinational, listed companies on a stock exchange from:
    • North America
    • Europe
    • U.K.
    • Australia
    • New Zealand
    • Japan
    • South Korea
    • Hong Kong
    • Singapore
Will I need to upload invoices?

Yes, you will need to upload invoices for verification before drawing upon funds.

How is interest calculated?

Interest is calculated daily on your outstanding balance and applied to your loan balance at the end of each calendar month.

How do repayments work?

Payments from your selected invoices will be directed into your Symplefy payment account, which we will set up in the name of your business. These payments pay down any existing balance. You may also make additional payments directly to reduce interest charges. If you have no loan balance with Symplefy, any customer payments are automatically sent back to your business bank account.

Do my customers need to change the account they pay to?

Yes, any customers you choose to include in your facility will need to. You will be issued with a new payment account in your company’s name and selected customers need to be made aware. Any balances drawn will be repaid via your customer’s payments into your new Sympelfy account, so there are no fixed repayments for you.

How do I pay my interest and fees?

Interest and fees are added to your balance. Your customer payments will simply pay off your balance meaning you do not need to manually pay any fees.

Do you have multi-user access?

Yes. You can create different user profiles and different access permissions once you have a live account.

Ready to Get Started?

Click the Apply Now to start the application.

Questions? Please Contact Us!

Have a chat with our team to see how we can help your business grow.