Kishore Patel, CTO at Demica
Founded over 20 years ago, award-winning Demica is a market-leading provider of working capital solutions to large corporates and financial institutions. Using a mix of cutting-edge technologies, Demica has created a powerful, intuitive SaaS platform that connects 500 large corporations in 35 countries to 50 global banks to deliver over $16 billion of funding. A true fintech, the Demica team has grown from 25 people to over 190 people across Europe and North America in the last five years.
A global vision
Demica’s vision is to build the world’s first multi-product working capital finance platform to enable global banks to offer the full range of products to large organisations. The company aims to unlock billions of dollars of trapped cash and support the transformation of how working capital is financed.
Companies like Demica help to maintain financial liquidity and increase creditworthiness. However, with millions of invoices a day being financed through countless different financial structures by hundreds of different banks, an incredibly flexible platform is required to support the market. As part of building a solution for this problem, Demica reached out to Future Processing for its expertise in software development to act as its nearshore partner.
Collaboration with Future Processing
Demica partnered with Future Processing, initially with a requirements engineering process to identify the needs of new functionality and propose the best technology solution. Future Processing created an infrastructure to demonstrate how the software would work, before rolling out various phases of the solution, step by step. Over time the team has grown to include Developers, Solution Architects, Data Engineers, Business Analysts and UX Designers.
Demica initially choose to work with a nearshore partner for budget reasons but by partnering with Future Processing, the company also gained operational flexibility. Future Processing’s usage of agile methodologies, including DSDM, enabled the teams to perfect the project results as Demica’s commercial requirements evolved over the 3 years the firms worked together.
Successful results
Through the close partnership between Demica’s internal development team and Future Processing, Demica’s platform has been enhanced with an improved architecture that enables over twenty million invoices to be processed each day, allowing the platform to scale both horizontally and vertically. Advanced rules engine algorithms drive preferred outcomes, such as higher advance rates or optimal risk distribution outcomes. While a significantly improved graphical user interface reduces transaction implementation time from weeks to hours.
Not only did Demica benefit from gaining a long-term, trustworthy software development partner, but with Future Processing, the company now has access to competencies going beyond software development, such as security engineers, technical consultants, data engineers and business analysts. The operational agility allows Demica to rapidly scale the team up and down and quickly respond to client demands, setting the company apart from its competition in the working capital finance market.
Looking to the future
The cooperation between Demica and Future Processing is ongoing, as the company continues to expand both globally and by adding additional financial products.
“With $16bn of funded programme and growing at 40% per year, Demica’s award winning platform is recognised as the market leader in the working capital finance sector. Future Processing has been a valuable partner to our in-house technology team as we built the platform to realise our vision to transform how working capital is financed. Delivering top-notch solutions in an agile manner, other FP customers can expect a reliable and responsive team” –
