202012 Nov
How Paid Hopes To Disrupt Procurement And Set SMEs Free
Type
Funding Rounds
Funding
202012 Nov
$2.9MSeed
Source
Forbes
Summary

But procurement departments, which are supposed to ensure the business gets the best out of its suppliers, are invariably set up to deal with very large contractors; their processes are completely unfit for the purpose of working with SMEs. Her career began with stints at large multinationals such as HSBC, where she found buyers were equally despairing – they wanted to work with entrepreneurial and innovative smaller suppliers but “there was huge frustration at the disproportionate time and expense of getting such relationships up and running”. The platform offers a bespoke service, incorporating all the checks and compliance required by the buyer’s procurement process, but managed on an automated, digital basis. Procurement consultant GEP has estimated that the inability to effectively manage these “long-tail” suppliers can cost a mid-sized company with a total indirect spend of $500m some $50m in potential missed opportunities. Paid has already picked up two big-name clients, in the insurance and telecoms sector, but believes it is pushing at an open door as businesses rethink their supply chains in the wake of the Covid-19 pandemic.

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