Bitmore
HOJ PARMAR - GENERAL MANAGER
The onboarding process went very smoothly, partly due to their ‘casual’ way of working; additionally, the people at Boozt24 are always available to assist you,” concludes Hoj.
About Bitmore
The British company Bitmore provides 'feel good consumer tech' that makes life more enjoyable, produced with respect for people and the environment. Think of travel hubs, power packs, in-ear headphones (earbuds) and charging cables. Bitmore is committed to a sustainable future in everything the company does. To put its money where its mouth is, the company has established partnerships with leading organizations such as B Corp, Climate Partners, Repreve and 1% for the Planet. "Our aim is to produce a range of high-quality products without creating more e-waste. And to transport these products in the cleanest possible way to our warehouses or directly to the customer." – Hoj Parmar, Managing Director of Bitmore.
Bitmore strengthens international growth with strategic branch in the Netherlands after Brexit
Bitmore is an internationally operating company, with its management and marketing department in the UK, production facilities in Asia, delivering all over the world. Unlike other companies in this industry, Bitmore hardly sells B2C, for example via a webshop, it focuses on B2B. When it was founded in 2012, Bitmore was a multi-channel company. However, since 2017 the company has dedicated its efforts almost entirely on the travel retail sector with its duty-free shops and airlines with in-flight sales.
To be able to continue sales within the European Union in a cost-effective way after Brexit, the company has opened a branch office in the Netherlands. From there, the products made in Asia are delivered to its customers within the EU, without any extra hassle. British customers are still supplied by the company's headquarters in Great Britain, whereas customers outside the UK and EU countries are supplied directly from the central warehouse in Hong Kong.
Challenge
There is a lot of money involved in the 'feel good tech' sector. Therefore, it is desirable that invoices for what has been delivered are paid quickly. Factoring allows you as a supplier to quickly have a significant part of your money at your disposal and create a good cash flow. It was only logical for Bitmore to opt for factoring when opening the Dutch branch to supply its EU customers. Unfortunately, the company to which Bitmore had outsourced factoring decided to withdraw from this market, while the company with which Bitmore subsequently joined forces turned out to have a very complex way of working, which did not fit in at all with Bitmore's business processes. The search for a better partner began again.
Solution
Bitmore ended up at Boozt24 indirectly. The personal approach, its short lines of communication and a platform that fits perfectly with Bitmore's financial administration made it very easy to opt for factoring via Boozt24. After the agreement was signed, it only took about two weeks to link the financial processes. "The onboarding process went very smoothly, partly due to their 'casual' way of working; in addition, the people at Boozt24 always have time to assist you," Hoj concludes.
The Result
Boozt24’s personal approach appeals to ‘feel good tech’ company Bitmore
Read our other cases
Electromind
''At Boozt24, the people are entrepreneurs themselves, not bankers. This gives you more confidence from the start that as an entrepreneur with future plans, you will be heard.''
MSBVR
"Selling through agents may cost more than having employees, but I firmly believe that self-motivated individuals drive positive results in brand sales"
International Brand Services
“As an entrepreneur, we work with other entrepreneurs. In this process, no hard communication should arise. At Boozt24, you have control over your customer communication."
