Introducing: Hannah Fitzsimons, CEO, Cashflows

In this exclusive Q&A with Cashflows CEO Hannah Fitzsimons, Business Matters magazine discusses what SMEs need to know about cash flow

Tell us about cash flows

Cashflows was founded in 2010 with the aim of making taking and accepting payments as easy as possible through its end-to-end internal offering. Payments are critical for small to medium businesses, but it’s a complex area and businesses can be lost as payments become a more important part of their operations. Since then, the payment experts have been offering services to customers in the European Economic Area (EEA).

Following FCA authorization as an EMI, Cashflows was one of the first independent UK payment institutions to be accepted as a principal member of both Visa and Mastercard.

Financing is an essential cornerstone of any SME Money rolls provided more than £2 million in cash advances to vendors in a nine-month period. Payments are what drives the global economy, and this is exactly what Cashflows was designed to do. With a reach across the UK and Europe, this translates into billions of transactions across many thousands of businesses, allowing them to accept payments easily and securely, both in person and online.

What was the inspiration behind Cashflows Advance?

Cashflows Advance is inspired by the acute cash flow challenges faced by UK SMEs. It is a fast financing solution for existing Cashflows customers. It provides instant access to funds based on a company’s transaction history, with refunds tied to future sales. Essentially, it is a hassle-free alternative to traditional loans and helps SMEs overcome their cash flow problems and invest in growth.

Recognizing that traditional loans often don’t meet changing business needs, we sought to create a more dynamic solution. Leveraging our existing customer data and risk assessment capabilities, Cashflows Advance provides SMEs with direct access to funds based on their sales performance. This innovative approach eliminates lengthy application processes and provides companies with the financial flexibility to seize growth opportunities without the burden of inflexible repayment terms. At its core, Cashflows Advance was born from the desire to empower SMEs by offering a financing solution tailored to their specific needs and challenges.

Who do you admire?

I am a classically trained pianist and have very eclectic taste in music, so many of my heroes are musical. Hania Rani, a brilliant Polish pianist and composer, amazes me with the blurred boundaries she creates between jazz, classical and house music. Aretha Franklin will always be a hero too. Not just for her voice and talent, but for her activism and support for social change, and my teenage daughter now shares with me her adoration for Taylor Swift – an incredibly talented and commercially savvy phenomenon.

But coming back to the world of payments and SMEs, I am a big fan of Marion King, a gifted orator within the fintech world. She also serves on the board of Cashflow and recently gave a talk at a Women in Payments event where she used the analogy of viewing our lives as a whole as canvases that we need to curate and be intentional about how we create our own personal developing artwork. . That was an inspiring way to look at our own journeys.

Looking back, is there anything you would have done differently?

Knowing what I know today, I probably would have invested heavily in Apple in the early 2000s. But seriously, I’m not sure I would have done much differently. My philosophy has always been to work hard, deliver what is asked of you and seize opportunities when they arise. Even though things didn’t always go perfectly, I always learned from these experiences and even a poorly thought-out move to Belgium taught me some life lessons in my twenties.

So for those starting an SME, the message here is: believe in yourself, listen to those around you, commit wholeheartedly to your goals and learn from it if the ideal outcome is not what you initially see . Years later, when you are asked what you would have done differently, you can say “nothing” with confidence and sincerity.

What advice would you give to someone starting out?

Take it as gospel that for an SME, cash flow is the lifeblood of your business. Be prepared to adjust your plans as necessary to continuously monitor and make changes to ensure the financial health of your business.

Don’t be afraid to ask for advice about something. Staying on the topic of cash flow, remember that accountants are there for a reason and it’s never a bad idea to ask for their input to optimize your business. They’ll probably tell you that you should aim to have enough cash on hand to cover operating costs for at least three months – and they’re not wrong.

What defines your way of doing business?

Understanding as many views as possible from all stakeholders is the best approach and it is certainly the way I approach business at Cashflows. Every voice, from your employees to your customers, contains valuable insights. By fostering an open and inclusive environment, you can tap into the collective wisdom of your community, the best problem-solving machine you have access to.

This collaborative approach is essential in any environment as dynamic as payments. By understanding the diverse needs of our customers, we can develop solutions that truly meet their expectations. Equally important is our unwavering commitment to our commitments. We believe that trust is the cornerstone of any successful business relationship, and delivering on our promises is of utmost importance. This reliability applies to our customers, partners and employees.

Ultimately, our business philosophy is built on the foundation of human connection. By listening attentively and delivering on our promises, we strive to create long-lasting partnerships and make a positive impact on our customers’ financial lives.