CM September 2020
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CM September 2020

The CICM magazine for consumer and commercial credit professionals The CICM magazine for consumer and commercial credit professionals

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24.08.2020 Views

INTERVIEW SMALL TALK Satago CEO Sinead McHale talks cashflow, behavioural informatics and the survival of small businesses. AUTHOR – Sean Feast FCICM AS businesses navigate their way out of lockdown, many will question how they can continue to prosper amidst a backdrop of economic uncertainty. Sinead McHale, CEO of award-winning fintech Satago, believes that technology will play an essential supporting role in the months ahead. Since starting her career in finance, Sinead has held senior management roles in New York, Dublin and London across a variety of industries including banking, investment funds, and alternative business finance. She holds a master’s degree in Strategic Management Accounting, giving her a unique perspective on small businesses, their relationship with their accountants and their cash management challenges. Founded in 2012, Satago leverages behavioural informatics, artificial intelligence and open banking to provide credit control, risk insight and ethical and transparent single invoice finance for businesses and accountants. The survival of small businesses is a particularly pertinent topic for Sinead because as well as being a small business, Satago works for small businesses. The all-in-one cash management platform was designed to help SMEs avoid credit risks, get paid faster and cover cash gaps when they need to. “Good cashflow management will be essential if SMEs are going to survive the months ahead,” she says, ‘‘I believe that Satago is in the best position to help businesses navigate these difficult times. That’s one of the reasons I am delighted to be joining CICM as a Corporate Partner at this time.” As part of their partnership, Sinead has offered all CICM members free access to the Satago platform for three months. “I believe CICM members will very quickly recognise the value and support that the platform can give them in managing their cashflow. Satago is proven to help businesses avoid credit risks and get paid faster, two things which will be essential as we exit lockdown.” Sinead has an impressive CV across various sectors of business and finance, having started her career in 1999 with the Equity Derivatives Group of Deutsche Group. Prior to joining Satago she was COO and then CEO of Clear Funding, unlocking working capital for SMEs. She has also accumulated an impressive number of qualifications, including a BSc in Economics from New York University, an MSc in Strategic Management Accounting from UCD Michael Smurfit Graduate Business School, and an ICA Post Graduate Diploma in Governance, Risk and Compliance from the Alliance Manchester Business School. It was primarily through growing up in a small family business in the West of Ireland, however, that Sinead learned to appreciate how important SME survival is for the families that rely on them, the communities where they operate and, of course, the economy. “During my career I have witnessed firsthand how SMEs can be ignored by traditional lenders, often to their detriment. Satago aims to reverse that trend, giving SMEs access to fast, reliable funds when they need it via our single invoice finance facility.” COLLECTIVE LOSSES A survey by Hitachi Capital suggested that in 2019, small UK businesses lost a collective total of £51.5bn due to late payments. That number was unacceptable before coronavirus struck. Now, it could be devastating. Sinead believes that effective risk insight and credit control will be critical in the months ahead as companies seek to reduce the burden of late payments. “In my opinion, the cost of late payments is one of the biggest threats the UK economy faces in 2020,” she says. “As the Government’s coronavirus support schemes wind down, the rate of insolvency and bad debt threatens to increase dramatically, thereby disrupting supply chains, restricting growth and ultimately threatening the survival of smaller enterprises. “The main reason why small businesses fail is because they don’t have access to cash, and a key reason for this is that they’re not being paid on time,” Sinead continues. “It’s essential that we tackle this issue head on. Businesses already spend a lot of time and money chasing late payments. This is stressful enough in itself without the backdrop of having a large debtor book outstanding, plus the fact that many small businesses have had to stop trading Advancing the credit profession / www.cicm.com / September 2020 / PAGE 44

INTERVIEW AUTHOR – Sean Feast FCICM “I believe CICM members will very quickly recognise the value and support that the platform can give them in managing their cashflow. Satago is proven to help businesses avoid credit risks and get paid faster, two things which will be essential as we exit lockdown.” Advancing the credit profession / www.cicm.com / September 2020 / PAGE 45 continues on page 46 >

INTERVIEW<br />

AUTHOR – Sean Feast FCI<strong>CM</strong><br />

“I believe CI<strong>CM</strong> members will<br />

very quickly recognise the<br />

value and support that the<br />

platform can give them in<br />

managing their cashflow.<br />

Satago is proven to help<br />

businesses avoid credit risks<br />

and get paid faster, two things<br />

which will be essential as we<br />

exit lockdown.”<br />

Advancing the credit profession / www.cicm.com / <strong>September</strong> <strong>2020</strong> / PAGE 45<br />

continues on page 46 >

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