One click at Amazon and our desired product will be one day later on the doorstep. Convenient, fast and easy. The online trade and especially Amazon is booming, especially thanks to the marketplace concept. The marketplace also creates new opportunities for sellers. But many new traders encounter growth hurdles that cannot be overcome with equity capital. Fulfin is breaking new ground in the supply of credit to online traders. From their newly thought-out goods financing for online merchants
Hevella and Lakeside have invested a 7-digit amount of equity and debt capital in the start-up.
LACK OF CREDIT SUPPLY IN ONLINE Business
The e-commerce market is growing by more than 12% every year. Amazon dominates this market with 60% – tendency rising. Amazon’s marketplace offers new opportunities for young entrepreneurs to easily market their products. The path from the production of the product to storage, delivery and finally sale via Amazon is, however, very lengthy and involves considerable liquidity requirements. Conventional financial service providers and banks encounter problems here with their offers because they cannot adequately assess the risks and collateral available. This makes it difficult for online sellers to obtain a suitable loan.
INDIVIDUAL LOANS FOR E-COMMERCE MERCHANTS
Fredi Gruber and Nathan Evans from fulfin solve this problem with expert know-how from e-commerce and finance. Using digital interfaces, fulfin gets an exact picture of the seller, the product and the logistics route and can thus align the loan individually, precisely and efficiently. By dovetailing the financing with the logistics project, the existing inventory can be used as collateral and often even the costs of “fulfilments” can be reduced. This gives ambitious online merchants the opportunity to expand on the Amazon marketplace or at their own online shop with an individual loan.
Together, Fredi and Nathan have over 40 years of experience in financial management and e-commerce. In late 2017, Nathan returned from Silicon Valley and brought the right momentum to WERK1 Coworking. At the beginning of 2018, the two of them founded fulfin, after having long had the desire to build their own company.
WERK1 HAS AUTHENTICITY LIKE NO OTHER PLACE IN MUNICH
After one and a half years, the founding team feels so comfortable at WERK1 and the Munich East hub that they would like to stay for many more years. No place in Munich is as authentic as WERK1 tells us Nathan, and that is why they would have organized their “Seller Barcamp” with over 120 Amazon dealers and experts in WERK1. At a barcamp there are no speakers, but all participants put together a common program. The event was so well received that it was named one of the best events in the industry in Germany.
With the investors behind them, they will not only extend the idea of the Seller Barcamp to other German cities, but will also expand it as a team and successfully enter the future together.