How Fyorin Empowered Maar Foods' Global Growth Ambitions

Opening a business account for B2B payments was the first hurdle Maar Foods had to overcome. This involved lengthy meetings and KYC processes, which slowed down the operational set-up and delayed crucial transactions in both payables and receivables. Further complicating matters was the difficulty of granting access to multiple team members - both partners and an accountant - who needed to oversee payments and finances. With multiple logins and systems, approvals became a manual process.

As Maar Foods transitioned from a purely catering company to a digital brand with online checkout and collaborations with other brands and caterers, traditional banks fell short. The lack of digital capabilities, poor support, and outdated technology was slowing down their ambitious growth. Unapproved transactions caused a dent in profit and required extensive back-and-forth communication. High transaction costs added further financial strain while lack of flexibility when making smaller online purchases and manual processing and reconciliation of individual payments further increased expenses and consumed valuable time. In a small team aspiring for digital, global growth without substantial scaling, time is a critical resource.

In response to these challenges, Fyorin emerged as a true partner for Maar foods. Though its comprehensive digital financial operations platform, Fyorin addressed all of the immediate concerns and that empowered the catering brand to grow with confidence.

Fyorin platform was built on a robust network of financial institutions, consolidating compliance and commercial processes in one place, unifying treasury and allowing Maar foods to multi-bank from a single platform. In practice, this means a streamlined onboarding process and reduced KYC process, while providing easy access to opening multiple accounts in any currency. Maar foods opened distinct accounts for their two brands, getting a complete view of their treasury across all operations and ensuring budgets were kept in check. With two accounts for each brand, the reconciliation of incoming and outgoing payments became faster.

Additionally, unlike a traditional bank, Fyorin adapted to Maar foods needs for flexibility with multi-tier team access. This meant that both partners and the accountant could access the platform at all times to get a complete, real-time view of financials at all times and manage them accordingly, without the need to rely on logging in and out of bank accounts.

Thanks to Fyorin’s accounts payable capabilities, payments, once a cumbersome, manual process, became faster and easier. Firstly, thanks to a facilitated approval process Maar foods eliminated delays and gained full transparency of funds going out. Payments can now be initiated directly from Fyorin’s platform, either individually or in bulk, and delivered fast to the vendor. All this translates to faster reconciliation and better operational efficiency.

Additionally, the ability to send payments in bulk allowed Maar Foods to streamline payroll, a critical aspect of Maar Foods' operations. Uploading files and sorting payroll became a one-click process, reducing time and effort required for payroll management.Finally, Maar Foods was able to streamline financial transactions in one more way - the introduction of virtual company cards for subscriptions, marketing payments, and online transactions. Thanks to an online dashboard with remote access the partners were instantly able to create new cards for specific expenses or projects and on top of that, enjoy cashback benefits every time they spent money. Fyorin’s virtual cards provided Maar foods with not only with flexibility and agility when making online purchases but also streamlined financial workflows with better control and visibility of company expenses and faster reconciliation.

Accounts payable and multi-banking allowed Maar Foods to move from manual, time-consuming processes to a streamlined and automated system. This resulted in estimated yearly time savings of around 120 hours. With Fyorin's financial operations capabilities, the team was able to focus on implementing plans for growth without compromising operational efficiency.

Payments that were executed and delivered more quickly fostered better relationships with suppliers, which are crucial to the catering industry. By removing delays in payment processing, Maar Foods improved its credibility and the efficiency of its supply chain.

Using Fyorin's platform for payments and virtual cards resulted in significant cost savings for Maar foods. In the industry where competition is high and margins are tight, especially when scaling globally, Maar foods achieved their KPIs of lowered operational costs and improved profit margins.Those factors supported their growth so far and will continue supporting their expansion plans in the future.

The collaboration with Fyorin extended beyond a mere service-provider relationship. Maar Foods viewed the partnership as a strategic move aligned with their own ambitions. Fyorin's global presence positioned them as the perfect financial partner for Maar Foods' aspirations of scaling globally and opened possibilities for more time savings and further streamlining financial operations with, for example, integrations with accounting tools to achieve touchless reconciliation.