McGill University provided me with a solid foundation, but it also taught me to strive for success and find optimal solutions to complex problems.
When I first graduated right after the financial crisis, I had an urge to gain experience in the “traditional” banking system, so I accepted several positions at Goldman Sachs and Credit Suisse. Back then, challenger banks or fintechs weren’t as present in the market as they are today. However, it was through these experiences that I got to witness firsthand a paradigm shift from “traditional” finance to the more digital models that we see today. Now, thanks to technology, it is hard to distinguish whom you are dealing with – a large bank or a young fintech – for many financial transactions.
Right after my banking experience, I joined Fasanara Capital, an alternative credit fund, as an Investment Director, where I began to work with companies of all sizes who struggled because their invoices weren’t paid on time.
It was here that I realized that companies have a tremendous amount of outstanding invoices that were hurting their day-to-day activities, putting a constraint on their cash flow and preventing them from long-term planning and growth. Usually, businesses are relying on sales to fuel growth or provide a steady cash flow, so it was fascinating to see how sales sometimes don’t necessarily translate into cash coming directly into the business.
Seeing what can be done easier, removing the old-fashioned methods and challenging the status quo is definitely a lesson that I learned at McGill.”
Today, my goal has become to find a solution to the problem of late B2B payments. The issue is much bigger than people realize. So, I decided to form Kolleno to help empower businesses with the right digital tools, processes and communication techniques to improve the management of accounts receivables within their organizations.
As I am not a tech person, I needed to find a talented CTO who would design and build the software. Fortunately, I met Ron Danenberg, who co-founded Kolleno with me and has built a brilliant product in record time.
The beauty of the platform lies in its simplicity and ease of use. While the majority of business departments have undergone digital transformation, the office of the CFO is still mainly relying on excel spreadsheets and manual tasks, such as tracking which clients are about to miss, or have missed, their payment deadline. So, we designed a 21st century cloud-based platform that works to save businesses time and improve their cash flow by integrating with the most popular accounting and ERP software, automating collections, and using machine learning to estimate the best time, tone-of-voice, communication channel, and frequency to influence better invoice recovery, whilst still maintaining positive client relationships.
As a result, Kolleno clients are improving their collections, decreasing their payment recovery time, improving their analytics and customer relationships, and motivating their staff by giving them more time to engage in higher-value-added tasks, rather than manual repetitive work such as invoice chasing.
Seeing what can be done easier, removing the old-fashioned methods and challenging the status quo is definitely a lesson that I learned at McGill. In less than 18 months, Kolleno has attracted seed funding from leading investors, and I owe this to the foundational skills that McGill has provided me. I am proud to be an alumnus of an institution that empowers its students to think outside of the box and question the accepted wisdom. The professors and university itself are helping to shape a new culture of innovation, and I am thankful for having this experience as part of my life’s journey.