The FeeSynergy journey … so far
For those of you who don’t know our story …
Back in 1998, my co-founder Miki Simonovski and I were working together at a global finance company in their insurance premium funding division. It was there that we developed the idea for a similar but new product specifically designed for accounting firms to assist them with their cash flow. We called this new type of finance professional fee funding. In 2005, the company made the decision to exit from some of its non-core products including professional fee funding. We both shared a passion for the professional fee finance product and not wanting to see the fledgling industry go backwards, we decided to start up our own finance company … after all, how hard could it be?
Malcolm Ebb Founder and Managing Director
Make or break!
As a start-up we could not afford for both of us to leave our paid corporate jobs so after many long nights and weekends of planning it was agreed that I would leave my job to start up FeeSynergy on a full-time basis (make or break!). This decision would not have been possible without the full support of our wives. Leaving the security of a well-paid job to embark on a new business venture is risky and simply not possible without the support of family to share the highs and lows.We finally launched FeeSynergy in early 2007. Despite the early struggles to obtain funding and the challenges of the GFC, we pressed on, and built a successful finance business servicing hundreds of accounting and legal firms across Australia and New Zealand.
"We both shared a passion for the professional fee finance product "
In 2015 we came to the realization that fee finance on its own was not having a material impact on our client’s average debtor days. That lead us to discover that there were no debtor management solutions available anywhere in the world suited to the industry we serviced. In short, we set about designing and building our own debtor management software called FeeSynergy Collect. Today FeeSynergy is the #1 Fintech providing fully integrated “wing to wing” debtor management solutions to accounting and legal firms in Australia and New Zealand.
I am often asked, to what do you attribute FeeSynergy’s success?
There is no simple answer however if I had to put it down to 5 things I would say:
- We have remained true to our original vision and mission to help accounting and legal firms improve their financial performance
- We have unique products that solve an industry wide problem
- We have a team of very talented people who strive every day to provide our clients with unrivalled levels of service
- We invest in R&D to bring world’s best technology to our clients
- Lastly, but most importantly, Miki and I enjoy working together. We have a shared vision and we are constantly challenging ourselves to improve and grow our business. Whilst we are extremely proud of what we have built, we get the most buzz from helping our clients improve their own businesses. We still feel like a young business and have big plans for the future … “Watch this space”!
