Automated invoice factoring firm Procuret enters administration

Sydney-based BNPL company Procuret has gone into voluntary administration, with a sale or recapitalisation now being considered.

Procuret provided invoice financing on a buy now, pay later basis.

Business-focused buy now pay later company Procuret has been placed in voluntary administration, with moves now under way to consider a sale or recapitalisation of the Sydney-based firm.

The company, founded and led by managing director Breitner Marinas, offered businesses the opportunity to smooth their invoice payments by breaking them into smaller instalments, with amounts ranging from $500-$50,000 available to be financed.

Those instalments could be spread over periods as lengthy as three years, with the business promoting its service as quick and easy to set up.

The business, founded in 2019 by Breitner Marinas, was placed in voluntary administration on January 16, with Rajiv Goyal and Andrew McEvoy of Aston Chace Group appointed as administrators.

The administrators said Procuret was “an ultra-automated invoice lending platform for b2b transactions’’.

“Procuret evaluates applications in minutes, delivers near-instant settlement and maintains exceptional credit algorithm and workflows,’’ they said.

Procuret founder Breitner Marinas. Picture: Linkedin

The voluntary administrators are continuing to trade on a “business as usual” basis subject to ongoing discussion swith stakeholders, and said they were considering all options including a sale of the business as a going concern or a recapitalisation through a Deed of Company Arrangement.

“Procuret has established itself as a fast, convenient and secure alternative to traditional credit and finance options and we expect strong interest in the business through our sale and recapitalisation process that will be undertaken in due course,’’ Mr Goyal said.

The administrators said an assessment of Procuret’s financial position was being undertaken.

“The key operational staff, management, suppliers, customers and other key stakeholders remain supportive and are assisting the voluntary administrators,’’ they said.

The business is backed by iPartners which does not have any equity in the business, but provides the liquidity for the loan book.

A spokesman for iPartners said all interest was being paid and from their perspective it was business as usual, and they were working closely with the voluntary administrators.

The company has numerous shareholders, many with a background in the banking and finance sector.

The first creditors’ meeting will be held on or before January 28.

Originally published as Automated invoice factoring firm Procuret enters administration