IPromise – NZ Entrepreneur Magazine

Founder Focus showcases entrepreneurs and innovators working on the next generation of new business startups, social enterprises and small businesses.

at a glance

Founders: MATTHEW PEACOCK & Paul Verić

work: i promise

Established: 2021

Headquarters: Taranaki

Could you tell us a little bit about your business?

IPromise is a SaaS (Software as a Service) product designed to solve broken bill payment systems. Our current market is small businesses.

Invoice Pay is where the service provider does the work and bills the client after the project is completed. The payment process is slow (usually more than 4 weeks after project completion), payments are badly controlled by the client and are not always guaranteed, resulting in late or non-payment, bad debt, cash flow, ongoing financial issues, etc. A system problem has occurred. supplier.

IPromise is an innovative app that provides a quote system that secures client payments in BNZ trust accounts before work begins. Suppliers are paid within hours of successfully completing a project. We have integrated KYC, Xero, major payment providers (Windcave), instant messaging, and post transaction review (such as Trademe and Uber) all into an end-to-end payment solution that is automated and controlled by suppliers and their clients.

If you operate in the service industry, IPromise is built to improve and secure cash flow for your business. Whether you work in professional services, construction, consulting, manufacturing, or any other service-based industry.

What’s the story behind your business idea?

Matt Peacock is a civil engineer who has acquired a deep knowledge of the construction industry through over 20 years of engineering practice (including over 17 years on the board of his own engineering company).

About 2.5 years ago, Matt approached Paul Verić (old school surf life-saving friend) with an idea born of his own frustration and the frustration of the hundreds of suppliers and clients he interacted with. .

We spent 18 months researching the problem and developing the solution, which evolved into IPromise, a web app SaaS product.

IPromise will be released in late 2022.

What programs, learning, and mentoring have helped you so far?

The startup community is very generous with their time, advice and support. In fact, there are too many to name. We get recommendations from people we meet often, but we just ask them to meet and I don’t think anyone has ever said no. Learn We are avid readers and podcast enthusiasts.

We have great partners/supporting organizations. BNZ, Stripe, Windcave, Xero, Cloudcheck GPG.

Other significant help comes from an amazing set of contractors and consultants. We’ve used many tools so far, and they’ve all been key to filling skill sets we don’t have. We are very honest and quick to pick up the right skills when you need them.

Finally, our small but dedicated team has been amazing. CTO Simon Spurdle deserves special mention. Without him and his coding magic, we wouldn’t have been able to launch his IPromise!

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