With the rise of influencers, the importance of influencer marketing has increased as well. Gone are the days of trying to sign with established celebrities or trying to convince big bloggers to endorse you. Social media has led to an influencer boom, there are an estimated 50 million influencers. And the influencer market stands at a jaw-dropping worth of $250 billion.
Brands carefully choose the influencers they work with and get instant results. Their desired customer base starts trickling in as soon as the influencer posts an endorsement. However, the influencers don’t profit instantly through their endorsements. They need to wait at least 120 days to see the fruit of their labours.
This disparity between brands getting quick profits and influencers getting late payments creates a tussle between the two. Such tussles can cap a growing market.
XPO steps in to solve this problem. The one of a kind platform was founded in September of 2019 and pays influencer invoices in 24hrs instead of 30 days. XPO’s use of transactional data allows them to gain access to finances and then pay the influencers on time. XPO is also partners with Sonovate, the invoice finance powerhouse of the UK that has processed nearly £2billion in invoices.
The XPO team itself comprises of Lotanna Ezeike (Founder/CEO), Tomi Aiyeola (Cofounder/CMO), Franck Ndame (Cofounder/CTO) and Ahmad Karkouti (Lead Software Engineer).
XPO’s ingenious process is very simple. The influencer put in a request for immediate payment for delivered content. Then XPO pays-out and charges 10% on the invoice value. The brand then pays XPO the total invoice amount in 30-120 days.
While many are still unaware of this problem, XPO has already laid its foundation in the creator economy. Within a year and only £13k investment, it has become the best app for influencers on UK AppStore.
XPO is looking to scale and build the invoicing proposition over the next 18 months. Some of their current investors include former AVP of Barclays Ventures, Founder of Friends Reunited and Krept the Award-winning Musician.
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