We recently spoke to Ser. Brandon Chua, CEO and Founder of Voice for Health, a rockstar startup founder spearheading the use of AI in the mental health space, we enquired about his experience with Cradle’s CIP Sprint grant and how Swipey had simplified the reimbursement process for him.
Brandon’s Experience with Swipey & Advice for Startups
“Payments are amazing with Swipey. It acts as an outsourced CFO for small and medium enterprises, making it easier to manage finances without a dedicated CFO.”
“Use it from the start, don’t overthink it. Just try it out, and you’ll grow to love it. This applies to both Cradle’s grant programs and Swipey. Apply and see where it brings you.”
– Brandon Chua, Voice for Health
Swipey: A Game-Changer for Startup Grant Reimbursement
To obtain the RM 600,000 startup grant from Cradle, Voice for Health had to go through an extensive application process. After Voice for Health’s application was approved, they had to study and follow the process to obtain the funds carefully. For all startups, this is a balancing act of growing the business to hit milestones and being able to cope with the detailed documentation and submission requirements to comply with Cradle’s governance to disburse funds
Here’s how Swipey helped streamline this process:
1. Unified Platform for Expense Tracking
Before Swipey, Brandon used multiple platforms to track expenses and documentation, which was time-consuming and difficult. Incomplete information can lead to delayed submissions and if there is manual data entry, reports may have errors and requires resubmission.
✅ Swipey provided Voice for Health with a single platform to digitally capture all transactions in real time (no manual data entry!). Transactions were attached with receipts ensuring nothing was missed.
2. Simplified Receipt Management
Managing receipts was a significant pain point including chasing of receipts from the person who incurred the spend. Then, these receipts had to be photocopied and stored in separate folders online. Compiling specific receipts into the email also took lots of time!
✅ For every transaction, Voice for Health’s employees can now easily attach invoices and receipts using the Swipey Web and Mobile App. This ensures ALL receipts are captured and available for the upcoming milestone claim. This could be a receipt of payment to Facebook (with your Swipey Visa Card) or payment to overseas vendors (Swipey Invoice and Bill Payments)
3. Automatic Statement Generation & URL to receipts!
When it comes to the submission of milestone claims (usually done every 3 months), it can take time to chase staff for expense claims and reports, capture receipts/documents, log into multiple platforms for statements, and then prepare the submission document for Cradle and ensure receipts are attached for each transaction and in the right format!
✅ Swipey automates statement creation and allows expense classification, each transaction having its own URL link to a receipt. This one-stop platform is a time saver and speeds up the submission to the Cradle team, giving Voice for Health time to shift focus back to its core activities of growing the business
4. Efficient Expense Category Tabulation
Moreover, understanding the breakdown of the expense categories and amounts that can be claimed for the category in your startup grant is important. The amount claimable may also vary at each milestone. So it’s super important to be aware of this and be able to maximise the claim based on category and milestone.
✅ With your Swipey statement, you may add expense classification and notes. This makes it easy to tabulate the amount spent on each category, compare it to approved amounts and submit the claim forms to Cradle. This also helps to speed up the review and disbursement.
5. Faster Disbursement Requests
Preparing disbursement requests was time-intensive and can lead to delayed submission. If not done correctly, it will lead to rework and resubmissions.
✅ As highlighted in points 1-4, Swipey streamlined the entire process, reducing preparation time and making submissions a breeze!
Finally, Swipey was also funded by Cradle. We share our tips:
- Other startups do use Swipey for their milestone claim submission. On top of it being so much easier for startups to prepare the reports; we note that Cradle portfolio managers are familiar with Swipey’s reports that they receive from portfolio companies. Dealing with standardised reports with all information attached helps speed up the time and effort to review and approve disbursements.
- The single platform provides you with access to all your expense data. You will be able to track your progress on claimable expenses (for each category) vs the amounts approved easily!
- Take advantage of the “Bookkeeper” role on Swipey: Invite your accountants to review the status of transactions (ie, necessary categorizations, notes and receipts), and prepare the reports and submissions for Cradle. The PIC with the Bookkeeper role is allowed to view all expense data and download reports only.
- If need be, you also have the data at your fingertips to chat with your Cradle manager on how to maximise your claim amount at future milestones. The Cradle team is very helpful but you need to be organised and have the data available so that they can help you.
Conclusion
- Cradle grants are a tremendous support to Startups.
- Swipey simplifies reimbursement process and creates more speed to receive funds for growth
- Startups can focus on customers, product innovation, growth AND remove administrative tasks!
PS: Thank you Brandon for your vote of confidence on Swipey!
About Us
Voice for Health: Voiceforhealth.ai is an AI-based vocal biomarker service providing insights into mental, social, and physical health by analyzing a short voice recording. For anyone managing financials, mental health is extremely important. Record your voice, and our service can tell you about your health. Learn more on the website.Swipey
: Swipey is also a Cradle recipient. Built to help other startups win with Cradle and other Malaysian grants. Our platform simplifies payments, expense tracking, documentation, and reimbursement processes. Helping startups to make the most of their funds to fuel their growth. Visit Swipey’s website for more information.
: Swipey is also a Cradle recipient. Built to help other startups win with Cradle and other Malaysian grants. Our platform simplifies payments, expense tracking, documentation, and reimbursement processes. Helping startups to make the most of their funds to fuel their growth. Visit Swipey’s website for more information.
