UK retailer Maplin Electronics has signed a three-year deal with Crossflow Payments for its supply chain finance programme. The deal provides Maplin’s suppliers with the flexibility to access outstanding payments instantly and means Crossflow has the potential to fund up to £360m of payables over the three-year period.
“We’re proud to be able to provide our suppliers with access to finance quicker than ever before,” said Lindsay Dunsmuir, chief financial officer at Maplin. “We’ve been hugely impressed with the expertise of the Crossflow team and the ease at which the platform has been integrated to our own systems. We look forward to working with them as we further strengthen our supply chain whilst supporting the growth of UK SMEs.”
The Maplin deal is the first to be announced after the recent investment in Crossflow from Calibrate Partners, the venture capital firm which took a 10% equity stake in the business at the start of February 2017 and takes the total amount of payables the business can potentially fund to £2.4bn.
Tony Duggan, the Crossflow chief executive who founded the business in 2014, said the Maplin deal built on its success in the retail sector. “The appeal of our innovative approach to supply chain finance is testament to the benefit it brings to both corporates and their suppliers,” he said. “The ability to access finance quickly can often help fuel growth and we look forward to supporting more businesses as they seize new opportunities.”