Leading Australian FinTech start-up Cloudfloat has appointed Tyson Hackwood as Chief Customer Officer, as the company looks to rapidly scale its payments solution business locally and internationally over the coming 12 months. Hackwood brings over 13 years of experience in the digital commerce and payments industry.

"Were thrilled to have Tyson join Cloudfloat. He brings an infectious energy and passion for innovation in the payments space, especially for technology that supports SMEs and growth industries, which aligns perfectly with Cloudfloats mission and values," said Aleem Habibullah, CEO of Cloudfloat.

Cloudfloat serves small to medium-sized enterprises (SMEs) by providing them with easy to access, hassle-free cash flow at the time of paying for any business transaction. The platform allows customers to pay for goods and services on time, every time, instead of delaying the payment. Customers can then make fortnightly repayments with up to 90-day terms.

"Payments should not be seen as a cost to the business, which they most often are, they should be seen as a way to generate revenue," said Hackwood. "Cloudfloat offers fast, nimble access to cash flow. Im excited to work with an innovative platform offering a payments as a service style solution to power organizations that traditionally wouldn't be able to access cashflow."

As financial pressure on businesses has increased since interest rates began to rise in May 2022, so has demand for Cloudfloat, a cash flow solution that eases the burden on business costs. Demand for payment requests on the platform has increased fivefold from Jan 2022 to Jan 2023, with the average value of a transaction going up from $2,500 in Jan 2022 to $3,500 in 2023. The number of customers has also doubled since Jan 2022, going from just under 600 to 1200 in Jan 2023 (each customer makes multiple transactions) with manufacturing, digital services, retail and food service industries making up the largest portion of customer share.