Why we built an Invoice Financing Platform
Early days as a Factor
Our founder, Todd Ehrlich, started BAMFi in 2012 with a mission to fully streamline factoring to blue collar industries.
By 2014, the company was providing funding to a wide variety of factoring clients in multiple industries.
Todd discovered the industry was plagued with inefficiencies.
Inefficiencies drive innovation
BAMFi tried using a number of the factoring softwares available on the market, but none of them could meet the needs of BAMFi’s quickly growing book of business.
Other systems were either too complex and clunky or were not robust enough to keep up with this growth.
In 2014, the company decided to build its dream platform FactorCloud. This new platform allowed BAMFi to manage, an impressive 80% more NFE, without the need to grow its workforce
Billions of dollars processed!
Start smart, or make the smart switch!
Growth and success
In 2019, BAMFi was recognized as #121 on the Inc. 5000 Most Successful Companies in America list, Inc.’s annual guide to the fastest-growing, privately held companies in the U.S.
Todd Ehrlich attributes this success, among other things, directly to his decision to build FactorCloud and utilize it to manage their multi-million dollar portfolio.
A new focus!
Wanting to help even more factors enjoy the efficiencies and growth that BAMFi had executed, the decision was made to sell the company’s asset portfolio.
This exiting decision to sell the asset arm of the business solidified BAMFi’s transition out of factoring and purely into software development and sales.
FactorCloud, as a, business was born!