In Conversation With Chris Pettit, CEO And Co-Founder At Revving On How Messy Industries Often Hide The Biggest Opportunities
Revving is a fintech platform designed to address extended payment terms in the adtech and digital economy sectors. Many publishers, agencies, and networks face delays of 90 to 120 days in receiving payments, hindering innovation and growth. Revving aims…
Revving is a fintech platform designed to address extended payment terms in the adtech and digital economy sectors. Many publishers, agencies, and networks face delays of 90 to 120 days in receiving payments, hindering innovation and growth. Revving aims to transform payment timelines by providing immediate access to revenue.
The platform employs a unique liquidity model called Transactional-Based Funding (TBF), which is specifically developed to facilitate financial operations within the digital economy, making traditional factoring obsolete.
The concept for Revving emerged from the experiences of founders David Mandeno and a colleague in media investment, where they observed the detrimental impact of cashflow delays on digital products. This issue is prevalent in areas like programmatic advertising and affiliate marketing. Leveraging their expertise in finance and technology, they developed technology to transform real-time transaction data into funding, culminating in the creation of Revving to bridge cashflow gaps using TBF.
Revving is a fintech platform designed to address extended payment terms in the adtech and digital economy sectors.
RevHub is Revving's customer portal, integral to the TBF operations. It seamlessly connects with numerous digital marketplaces to capture detailed sales data, allowing clients immediate access to revenue before invoicing. The portal offers features such as revenue source insights, advance withdrawals, and repayment tracking. For finance teams, it serves as a comprehensive reporting tool, consolidating debtor data and providing full cashflow visibility.
Revving's TBF model is proving the traditional factoring approach outdated. With a recent £107 million funding round, Revving plans to finance up to £1.8 billion for UK digital businesses over the next three years. The platform is expanding partnerships with affiliate networks and SSPs, such as its collaboration with Awin, which accelerates publishers' access to commissions and offers advanced reporting features.
Enhancements to RevHub are also in progress, including self-service eligibility tools and deeper analytics. Revving is exploring new opportunities in adjacent digital sectors, with a continued commitment to promoting immediate payments and eliminating late payments in the performance industry.
Based on reporting by techround.co.uk.