Tesorio, Cash Management for Small Business (Track 2)
YC-backed Tesorio plugs into QB
This team is looking for
Tesorio is looking to help suppliers manage their cash flow more efficiently. At the Hackathon, we hope to: Build an integration for small businesses to "sign in to Tesorio with QuickBooks credentials" Build a tool that will allow small businesses to see the status of their invoices across all clients. Build a tool that will automate reorder prospecting with existing clients Background: Tesorio is a Y Combinator-backed startup that is reinventing the way money moves from companies that have it to those that need it most. Large companies are sitting on trillions of dollars in cash in the bank, while 43% percent of small businesses have trouble getting loans. According to the World Economic Forum, a $2.4 trillion dollar funding gap exists for small businesses. We found a way to make large companies excited to pay faster and help small businesses avoid waiting months to get paid. This makes it win-win for both sides, and small businesses get access to the cash they need to run their operations. It’s like peer to peer lending between businesses and their suppliers. This is such a big problem, that even President Obama wants to see change. (https://www.whitehouse.gov/the-press-office/2014/07/11/president-obama-announces-new-partnership-private-sector-strengthen-amer). How do we do it? Companies use Tesorio to offer their suppliers and vendors faster payments in exchange for small discounts. Suppliers love this because they get paid faster instead of waiting 30, 60 or 90 days. Companies love this because those small discounts represent great, risk free returns on cash.
Jim - 32d