Innovate UK support helps Transformify accelerate its growth
Supported by Innovate UK EDGE, TFY (Transformify Ltd) has built a workforce and vendor management system that automates billing, payments, compliance and onboarding of vendors, service providers, independent contractors and freelancers.
The innovative product was already profitable when Covid-19 hit, but funding and advisory support from Innovate UK allowed it to fast track its development work, accelerating its launch by several months.
In the spring of 2020, TFY, which is a member of the Digital Skills & Jobs Coalition of the EU Commission and Social Enterprise UK, launched the Sustainable Remote Jobs Initiative in order to tackle unemployment caused by the pandemic. When lockdown restrictions were introduced, millions of people were laid off work globally, with hospitality, retail and airline sectors being very hard hit. At the same time, organisations in other sectors were in desperate need of more workers, particularly in fields such as online retail and eCommerce.
The purpose of the Sustainable Remote Jobs Initiative was to help jobseekers outline their transferrable skills, so that they could be apply for jobs in industries that were hiring during the pandemic, even if the sector was new to them. TFY’s role was to:
- Provide information to businesses about the transferrable skills of job seekers
- Facilitate the entire talent acquisition process, including worldwide payment transfers
- Help jobseekers upskill by providing information on the skills needed by employers and by providing information on relevant eLearning courses, training etc
The product also helps organisations comply with IR35 rules, which came into force in April 2020.
Innovate UK grant and wraparound support
Innovate UK EDGE innovation and growth specialist Lucan Richards started working with TFY after the company received an Innovate UK Smart Grant. The £222,331 grant enabled TFY to take its applicant tracking system from development stage to a commercial product. That has happened and since then, TFY has enjoyed exponential growth – more than 600% revenue growth in 2021 versus 2020. Revenue growth in the first quarter of 2022 is up 78% on the first quarter of 2021, while profit has grown 47% over the same time period. “We forecast a revenue growth of more than 250% in 2022 versus 2021,” says Lilia Stoyanov, CEO at TFY. Three new jobs have also been created during the grant utilisation period.
Richards helped Stoyanov reach out to potential partners and private investors. He also helped the company with strategic activities, including business development and marketing. “Lucan connected us with people who could help us,” says Stoyanov. “He helped us penetrate specific industries, advising us on how to structure the sales pitch and how to speak to decision makers and industry experts.”
Lucan connected us with people who could help us…he helped us penetrate specific industries, advising us on how to structure the sales pitch and how to speak to decision makers and industry experts.
– Lilia Stoyanov, CEO at TFY