URICA has launched a supplier early payment platform that will channel cash through the supply chains of medium sized growth companies directly to SMEs. URICA has received £10 million of investment from the Government’s Department for Business Innovation & Skills (BIS) Business Finance Partnership, with a further £10 million of matched institutional funding to enable growth businesses to pay their suppliers more quickly without additional cost, risk or debt.
URICA will be launched in Scotland before being rolled out across the UK. The business plan is for more than 10,000 medium-sized growth businesses to be invited to join the platform over the next three years, providing a completely new source of funding for a key part of the UK economy.
URICA will invite pre-selected growth businesses to join its web-based platform. Once registered, these customers will then invite their suppliers onto the platform to receive early payment. Suppliers can submit invoices as and when they choose, which are then settled by URICA on day 14 with a two percent discount. Customers then repay URICA 100 percent on day 60. There is no cost to the customers and they will be able to create stability in their supply chain without using their own capital. The supplier reliably receives permanent early cash into their bank account, bringing certainty to their own cash flow.