UK
Export Finance (UKEF) enabled Coriolis
Technologies, a UK tech start-up based in London, to double its revenue
during COVID-19 by protecting a major export deal using its export insurance
support.
Coriolis
Technologies provides data intelligence to the trade finance sector and 80% of
its revenue comes from international business. The company recently secured a
£1 million contract with a client in Africa to supply trade finance data. It
was a major deal for the company and would double its annual turnover once
fulfilled.
However,
the overseas client had to delay payment when the COVID-19 pandemic hit, which
put huge pressure on Coriolis’ cash flow. To make matters worse, Coriolis also
lost existing business as clients sought to cut back on their expenditure at
the same time.
This
contract was crucial to the Coriolis’ survival, so the company sought insurance
to protect itself against the client defaulting on its payment.
Coriolis
were unable to get it on the private market due to the firm’s small size but
qualified for UK Export Finance support, through its Export Insurance Policy -
a product that has helped UK companies safeguard their exports during the
pandemic.
UKEF’s
support enabled Coriolis to pay pre-delivery fees to its subcontractors and
trade with the knowledge that they would get paid throughout the COVID-19
pandemic.
Rebecca
Harding, founder and CEO of Coriolis Technologies, commented “UK Export
Finance’s support came at a critical time. We lost massive amounts of business
when COVID-19 hit and our future as a company was in doubt. This support from
UKEF secured jobs and enabled us to grow. We are now on course to double our
turnover this year.”
Liz
McCrory, UKEF Export Finance Manager, added “The UK is a world-leader in tech
thanks to pioneering companies like Coriolis. UKEF has the expertise and
products to help UK companies like them who rely on international business to
succeed during the COVID-19 pandemic. I strongly encourage any exporter
unable to get trade finance support in the private market to get in touch.”