Improved cash flow by 70% by ending repayment delays
Increased employee prepaid cardholders by 20%
Saved 2 working days per month with custom exports
urbanbubble is the largest leading operator of Institutional Property in Build to Rent (BTR), Co-Living serving England, Scotland and Wales with substantial Leasehold and lettings portfolio in the North of England and London.
urbanbubble are proud to serve it’s 14,000 residents and are growing, operating in 20 cities across England, Wales and Scotland. urbanbubble employs over 450 FTE and collectively cares for over 11,000 units and more than 85 communities within residential blocks, BTR communities, and PRS schemes. This is expected to grow, according to Tony Lilon, urbanbubble’s assistant management accountant.
The company had used an expense management platform for years. But as it grew, its previous platform couldn’t keep up.
“Just a few months ago, we only had 350 people,” says Lilon. “So we’re growing at a really fast clip.”
Given urbanbubble’s growth, the finance team stepped up efforts to transform the company’s processes. According to Lilon, that entailed “a lot of automation” and also careful analysis of existing systems.
“We phased out the systems that weren’t fully serving the purpose that we intended them for.” Lilon explains. “Instead we explored other options and we replaced them with more flexible and improved solutions.”
Implementing Soldo was part of this company-wide improvement.
“What attracted us the most was the ability to split people’s budgets into different wallets. We wanted a provider who could scale with us, help us grow and a company we could trust with increased security.” Lilon says.
With Soldo, company funds can be assigned to a specific card. urbanbubble’s sites are split all over the UK. But until Soldo, card users would draw from the same pot.
“Now, different communities have different wallets and everyone has their own budget,” Lilon says. “It makes things a lot easier for the finance team.”
Soldo transformed urbanbubble’s recharges mechanism. For certain costs, urbanbubble previously paid for it and then recharged its clients for it.
Now, Soldo is linked to client funds. Instead of costs going through urbanbubble and burning through cash flow.
“This improved urbanbubble’s working cash flow by 70%,” Lilon says. “For reconciling transactions at month end, Custom CSV is seamless and very good. It’s great in terms of time saving, our BTR Finance manager saves 2 working days per month.”
As well as the money saved, Lilon notes that it’s the customer service and journey with Soldo that sets it apart.
“If I were to discuss Soldo to a peer, I’d talk about the team. Soldo’s people pull out all the stops for their customers.”