Halliday Growth upgrades award-winning service to buy invoices for cash within 24-48 hours

Halliday Growth, an award-winning cash flow management company in the UAE, is breaking new ground supporting post-revenue startups and micro, small and medium enterprises (MSMEs). Halliday Growth  is doing this though the provision of their upgraded invoice financing solution to quickly solve their cash flow problems.

With this solution, startups and SMEs that have difficulty getting bank loans can now get access to cash by selling their sales invoices to Halliday Growth, which then provides them with working capital funds within 24-48 hours after the first deployment. By unlocking the cash tied in their unpaid invoices, these businesses can now ease cash flow restraints and fund accelerated growth.

Accessing bank loans is difficult. For example, in Q1, 2020, when COVID-19 was hurting many businesses, SMEs in the UAE only represented 4.3% of all credit facilities offered by banks, but represent 94% of the overall business community according to Arabian Business. Consequently, while large businesses are getting the loans they need to remain economically viable, startups and MSMEs remain handicapped and exposed to takeover by the bigger businesses.

Halliday Growth was founded to support these businesses which are constricted by extended credit cycles in UAE. “It is very challenging for businesses to have to wait for months to get paid, even after completing a job. They need to cover the costs of completing that job and months of overheads just to compete.” said Malachi Halliday, the CEO and Co-Founder. “We are contributing to the success of startups and SMEs in the UAE by easing their cash flow constraints so they can have the cash to operate and grow.”

Critically, this also frees them from the need to dilute their equity by raising funds which can be a valuable and welcome respite from constantly seeking cash flow. However, the dilution of ownership can prove challenging for some small business owners, who may not be ready to sell equity at earlier stages of development. In contrast, invoice financing provides funds to businesses without the need to lose their ownership or control. 

Similarly, the invoice financing provided by Halliday Growth frees businesses from taking on loans and adding debt to their balance sheets. In the world of business and finance, more debt on the balance sheet can be seen as a negative signal that puts some measure of doubt on the future sustainability of the business as well as reducing the balance sheet value of the company. This can become more intense when a company eventually goes public. Businesses can avoid this negative perception with invoice financing, which does not lead to a debt entry on the balance sheet.

As per the Ministry of Economy, 94% of all companies in the UAE are SMEs and these SMEs provide jobs for 86% of the private sector’s workforce. Thus, the success of these SMEs is of great interest for employees, business owners and policy makers. By providing SMEs with quick and easy-to-access cash to fund their operations and plan their growth, Halliday Growth is significantly contributing to this success.

“Going forward, Halliday Growth aims to be delivering $100 million of invoice discounting within the next 12 months, introduce artificial intelligence and machine learning to make the process easier, faster and smoother. We shall incorporate blockchain technology to increase the efficiency and security of our data processing and storage, consolidate our ability to handle clients from the wider GCC region, and reduce the time it takes to onboard new customers,” said David Linklater, CFO and Cofounder.

Through Halliday Growth, the startup and SME landscape in UAE already has access to this crucial cashflow service. Halliday Growth is especially supporting overlooked or impactful verticals and has recently signed partnerships with several market leaders, including for the following specialised niches:

• SEE Institute, located in Sustainable City and sustainable business through their research programs and Bedayat Incubator for sustainable businesses.
• Grow.ME International, a business coaching and consulting company known for programs supporting women-owned businesses like that delivered earlier this year in conjunction with NYU / startAD (a program funded by US Embassy).
• DANA Global, a venture builder focused on supporting women-owned businesses in desert tech with a focus on agrifood. DANA Global also recently signed with Masdar to build a beta site, developing solutions advancing food security in the UAE.

Halliday Growth is ready to build upon this progress and extend its cash flow management solutions to more businesses through partnerships and collaborations like these, as well as in the broader sectors, seen in their recent partnership with International Free Zone Authority (IFZA), Dubai, the organisation in charge of business registration in IFZA.

About Halliday Growth

Halliday Growth is a UAE-based, non-bank trade finance provider that delivers innovative solutions to unlock working capital. With decades of successful entrepreneurial experience and investment structuring, they help to unlock value in startups and SMEs.

They do this by purchasing the sales invoices of these businesses and providing them with cash within 24-48 hours. With this service, they provide businesses with the cash to fund their operations and growth, as well as the time to build their business instead of chasing creditors.

As a market leader in the cash flow management and invoice financing space, its efforts have been recognised in the market, with the latest award at TechKogo’s fintech conference for Halliday Growth’s efforts supporting financial inclusion.

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