Antoine Bordalis, Comet’s CFO, explains how he removed pressure on their working capital requirement (WCR) via Memo Bank’s SEPA payment collection solution.
Our direct debit collection time was 6 to 8 days, and it is now 24 to 48 hours.”
Antoine Bordalis
CFO
Company
Comet finds freelancers for companies needing IT skills on medium to long-term missions in less than 48 hours.
2017
50 employees
Paris (75)
Antoine Bordalis
CFO
Our main clients are in the CAC 40 or SBF 120 indexes.
Antoine Bordalis
CFO
Created in 2017, Comet finds the best contractors for businesses looking for IT or programming skills for long-term projects.
Comet has developed advanced algorithms to identify and match relevant candidate profiles in less than 48 hours.
Nearly 600 contractors are recruited through Comet each month, for projects averaging 12 months. Comet closed 2022 with a 70% growth and has increased its revenue ninefold over the last four years.
When a client recruits one of Comet’s contractors, Comet wants to be able to pay the contractor on a monthly and regular basis, giving them the same benefits as for permanent employees. However, Comet receives payments from their clients within 30 days to 60 days, creating pressure on Comet’s WCR. To lift this pressure, Comet is using the following solutions:
Previously, Comet used a fintech solution for SEPA direct debits, which had three limitations:
In this context, Comet decided to switch to Memo Bank and use their SEPA direct debit solution.
Memo Bank's SEPA direct debit solution is integrated into our current account, allowing to collect payments within 24 and 48 hours.
Antoine Bordalis
CFO
By choosing Memo Bank for their SEPA direct debit solution, Comet removes delays in receiving payments. As Memo Bank’s SEPA direct debit solution is integrated to Comet’s current account, funds are immediately credited into this account, — rather than flowing through different temporary accounts. Comet now receives payments within 24 to 48 hours.
Memo Bank also provides all the features Comet needs to collect is payments:
Comet was also impressed by Memo Bank’s overall offering:
“In addition to their SEPA direct debit solution, it was also Memo Bank’s complete and all-in-one offering that convinced us. We have been working with Memo Bank for several months and are now centralizing an increasing number of banking transactions through them. We use many services, and Comet’s colleagues have their own access to Memo Bank’s platform. Furthermore, we have streamlined our internal processes.” says Antoine Bordalis, who also appreciates the flexibility and intuitiveness of Memo Bank’s interface.
Comet's finance team.
In addition to their SEPA direct debit solution, we chose Memo Bank's centralized and cutting-edge platform to manage all our banking services.
Antoine Bordalis
CFO
Since Comet has started using Memo Bank’s direct debit collection solution, their DSO has decreased by 75%.
Comet’s liquidity and WCR have also improved through our fee-free SEPA instant credit transfers. As speed is of the essence, SEPA instant credit transfers are the default outgoing transfer solution at Memo Bank. No need to dip into Comet’s liquidity 48 or 72 hours in advance to fulfill their payment obligations.
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Memo Bank is a limited company (Société Anonyme) with an Executive Board and a Supervisory Board with a capital of €13,084,327.35 and accredited as a credit institution by the European Central Bank and regulated by the French Prudential Supervision and Resolution Authority (4 place de Budapest, 75009 Paris).
Use cases
Do you need to release orders quickly with your suppliers? Fulfill your commitments without tapping into your liquidity too early? At Memo Bank, everything is designed to accelerate your execution speed
Use cases
Do you need to release orders quickly with your suppliers? Fulfill your commitments without tapping into your liquidity too early? At Memo Bank, everything is designed to accelerate your execution speed
