How OnTheGo Accountants helped Selina Finance transition from outsourced to in-house finance function.
How OnTheGo Accountants helped Selina Finance transition from outsourced to in-house finance function.
Our processes are built with scalability in mind so that when a tech startup wants to bring their finance function in-house the transition is as pain free as possible. We are extremely proud of Selina Finance's incredible growth journey and we are grateful to have had the opportunity to work closely with Hubert Fenwick, Co-founder & CEO of Selina Finance and his team in designing an outsourced finance function.
We like to be transparent with our clients from the outset that outsourced finance functions will eventually be outgrown as internal reporting demands increase, particularly when you need to put more financial controls in place. We have now successfully handed over Selina’s finance function to their own internal finance team.
1. A brief intro about Selina Finance and your fundraising experience?
Selina is the UK’s first HELOC (Home Equity Line of Credit) provider, bringing flexible digital finance to UK homeowners. We are a Series B company and have raised over £50M equity and £300M in debt financing since our inception.
2. Please can you share your experience of our bookkeeping and payroll process?
The OTG team were extremely helpful and responsive throughout, helping us at the beginning with simple bookkeeping and payment/balance tracking, and ultimately evolving into quite complex balance sheet transaction recording. On payroll, which can be quite complex (and with zero margin for error), the OTG team were very knowledgeable and helped us ensure consistency and ease of execution throughout our experience.
3. How did you find OnTheGo Accountants' services overall and if there is one thing we can improve on what that would be?
Overall I am a big promotor of the OnTheGo team and platform. I have recommended OTG to other early stage companies (and will continue to). In general I found the team to be highly knowledgeable and responsive, and they were able to simplify our finance stack significantly and meant we could focus on growing our business knowing that our finance function was in safe hands.
