Learn more about the startups coworking in our London office in our #5 Startup Spotlight. Each month we will be giving you insight into the Startups based in the Rainmaking Loft. This month we are thrilled to introduce you to Satago.

Satago helps small businesses get paid faster by automating the chasing of customers for payment and quickly reducing outstanding invoices. Satago also presents the risk level of customers and how much credit to offer with integrated Experian credit risk data.

Steven & Adam are the Co-founders of Satago and here is their entrepreneur stories:

 

The bedrock of good credit control is knowing your customer and being disciplined in your communication. Satago helps you do both of these.

What attracted you to become entrepreneurs?

Steven felt driven to solve the problem of late payment from a young age. The MBA and then working at Rocket Internet were in some ways preparation for the follow on, creating a company with the mission to change the culture of late payment on invoices raised by small businesses.

How did the idea of Stago come about?

Growing up in Scotland with a family business that was at the mercy of unpaid invoices made an impression on Steven from a young age, an impression that grew through a desire into a mission that is the driving force behind Satago today.

What were the biggest struggles in your startup/entrepreneur journey?

As in all startup endeavours there are interesting challenges to surmount but perhaps one of the biggest so far have been finding each other in the first place.

Steven’s first attempt to get in to Seedcamp was unsuccessful, so the search for a co-founder (Adam) started. Steven already wrote an article about the search on the Seedcamp blog. Learning to balance product direction with validating our understanding of the market has also thrown up some tough lessons, but more recently while we have been building the biggest addition to our product features yet, we have found ourselves answering questions on the chances of behemoths taking notice of us - questions that are quite exciting from the viewpoint that it really makes us worth looking at now!

Do you have any advice for the other entrepreneurs to be?

Read all the blogs, keep learning, stay sharp, stay hungry and pay the favours or money to get good advice. Then make up your own mind on whether to follow the advice or your own intuition, at least it will be an informed decision.

What are the next steps and the vision for Satago?

In the next few weeks we will be rolling out an exciting new product that will help plenty of small businesses to get paid significantly faster on their outstanding invoices. We believe it will be the first step on the path we’ve been along so far, to help all businesses get paid on time.

How did coworking in the Rainmaking Loft help your business? 

Steven was introduced to the Rainmaking Loft when he pitched at an event called Don’t Pitch Me Bro. We later moved into the Loft just as we were looking to take on our first employees and it gave us a place to belong when we were looking for somewhere to settle that wasn’t in the Shoreditch triangle. Being next to the beautiful St Katharine Docks, Tower Bridge and the Tower of London certainly helps - our favourite little secret here is a tiny Starbucks hidden amongst the docks, it apparently used to be a gun turret for defending the Royal Docks in times gone by.

 

Visit their website: satago.co.uk

Want to join our coworking community? Get in touch with us at [email protected]