Yordex gets £500,000 funding to drive growth

Yordex has raised £500,000 from lead investor Bloc Ventures to develop its finance software.

Yordex was founded in 2017 by former Worldpay executives Erik De Kroon and Hardeep Nagi.

It’s aimed at businesses with a turnover of £1 million to £100 million and has developed a finance portal with features including budget management, invoice central and cash management, for spend control, cash flow management, and “reduced” processing costs.

David Leftley, CTO and co-founder of Bloc Ventures explains:“Fast growing businesses today are stuck between a rock and a hard place. They have outgrown Software-as-a-Service (SaaS) finance software solutions like Xero, but moving to a traditional ERP system is expensive, time consuming and will slow them down. Yordex allows them to remain agile while putting in place the processes, controls and visibility a company of their size needs.”

De Kroon adds that its software also saves finance teams up to 75% in time processing invoices, payments and month-ends.

Yordex says its software connects to bank accounts and existing accounting systems to manage all data exchange.

The funds will be directed into building sales and marketing teams.

Press release first published in Banking Tech on 22/2/2019