The Munich startup Fulfin has been barely affected by the coronavirus crisis, reports Fulfin co-founder Nathan Evans in the #CoronaUpdate. The company provides e-commerce companies with working capital and accepts the companies' goods as collateral. This allows online shops to quickly raise funds, for example, to purchase new stock. Evans says:
"After the initial shock, it became clear that the crisis represented a huge opportunity for e-commerce companies. We recognized this very quickly and received more loan requests from existing and new customers."
The Startup offers a digital platform through which online retailers can apply for loans. Since its processes were already fully digitalized before the crisis, Fulfin didn't have to revise its customer communications, Evans says.
Evans says that his startup was already operationally digital before the crisis:
"Even before the crisis, part of our team worked mostly remotely. It wasn't difficult for us to switch to a 'remote first' mode. Our operational activities remained uninterrupted."
Only in one respect were the processes affected by Corona: The move to larger offices in Münchner Technologiezentrum (MTZ) had to be postponed from the beginning of April to the beginning of June.
Fulfin: “Since the crisis, the relevance of online trading has increased again”
The startup can look back on extremely successful months during the Corona crisis: In the second quarter alone, Fulfin was able to increase its sales by a full 200 percent compared to the first quarter.
Even before Corona, e-commerce was growing four times faster than offline sales, according to Evans.
“Since the crisis, the relevance of online commerce has increased again, and with it the need of online companies for fast and flexible working capital.”
Here you can find the entire #CoronaUpdate with Nathan Evans from Fulfin:
