How Otherworld used Lendica’s PayLater and FundNow to scale from $100k to $3m
As CFO of the business, I am always looking for affordable solutions to help scale. We found that with our financing partner Lendica.
Otherworld Foods is disruptive food company making better-for-you food products focused on plant-based mixes and upcycled ingredients. Otherworld was looking to grow rapidly but wanted to use non-dilutive capital to scale. Banks and other financial institutions were unable to support.
Lendica was able to instantly approve us for a $100k credit line that scaled with Otherworld’s operations. Lendica’s PayLater & FundNow products helped Otherworld maintain a strong cash position to allow for investment in growth instead of inventory production. With Lendica’s help, Otherworld scaled from $100k revenue to $3m in under two years. As Otherworld scaled, so did its available credit. Lendica proudly support with fast service and clear reporting as well.
Delayed vendor payments to spend more on growth and take advantage of quantity discounts.
Sped up collection on customer payments to pay for purchase orders instead of cash on balance sheet.
Lendica’s services are embedded directly into Otherworld’s workflow for a fast, simple process.
Lendica’s PayLater & FundNow reduced Otherworld’s cash conversion cycle by 75%.
