Fy! Scales Globally While Automating Accounts Payable

Tipalti helps us run seamless brand payments. We have transparent visibility for the business and the brands. They understand the fees, and they get paid on time.

Kevin Davies

VP of Commercial Operations, Fy!

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Fy! Overview

Industry

E-Commerce & retail

Company Size

Sub 100

Region

United Kingdom

Tipalti Products Used

Accounts Payable

Challenge

Fy! grew quickly during COVID-19, scaling from 15 to 55 employees and onboarding over 2,000 brands and artists. Payments were managed manually with spreadsheets, which was messy, error-prone, and time-consuming.

Solution

Fy! implemented Tipalti to automate partner payments. By syncing data from PayPal, Stripe, and bank statements into one platform, Tipalti centralized payments, invoices, and reconciliation, ensuring seamless brand payments.

Results

Fy! saved 178 hours per month in manual AP workload, eliminated the need for additional finance headcount, centralized foreign exchange currencies, and enabled suppliers to clearly understand fees and get paid on time.

The Challenge

Scaling Global Payments

Fy! is a London-based multi-sided dropship marketplace specializing in homewares and art. Their mission is to build a social commerce platform featuring one-of-a-kind art, making shopping fun and accessible.

With rapid growth during COVID-19, Fy! onboarded several new brands, significantly increasing supplier payments. Payment processing was error-prone, vendors struggled to understand fees with conversions, and one staff member was tied up full-time just running payments.

Each month, we paid out our 2,000 brands and artists and managed accounts payable on spreadsheets. We didn’t have any full-time finance support, and it was messy. I was sick of vendors not getting paid on time.

Kevin Davies

VP of Commercial Operations, Fy!

The Solution

Automated AP With Tipalti

Ready to simplify accounts payable, Fy! enlisted Tipalti for an automated workflow.

All partner payments—including PayPal—are now in one platform. The staff member who previously spent their full time on payments now only spends one day every two weeks running processes, freeing up time to focus on more rewarding financial operations.

We use Tipalti for its seamless brand payments in particular. There is high visibility for the business and the brands. We pull data from PayPal, Stripe, and bank statements. Tipalti syncs it into one system, gathers the invoices, and automatically reconciles. Tipalti has stepped in to manage quite a massive job.

Kevin Davies

VP of Commercial Operations, Fy!

The Result

Time Saved and Visibility Gained

Fy! has transformed its finance operations with Tipalti:

Eliminated the need to hire additional finance headcount
Saved 178 hours a month on manual accounts payable workload
Centralized foreign exchange currencies
Improved vendor experience with timely payments and proof of remittance

Tipalti helps us run seamless brand payments. We have transparent visibility for the business and the brands. They understand the fees, and they get paid on time.

Kevin Davies

VP of Commercial Operations, Fy!