Term Finance Case Study:
WannaGo Cloud (WGC) is a private cloud services provider based in the UAE. Its services encompass infrastructure (hardware and computing), security, and business continuity solutions delivered “as a managed service” on a monthly recurring model. This is a highly flexible, scalable and adaptable model for businesses, especially for the SME sector.
WGC was continuously growing, especially during the pandemic, as there was a great need for digital transformation and cloud adoption for companies. WGC wanted to develop its channel strategy growth in Bahrain since the company identified a significant gap in private cloud service providers in the country.
In order to do this, the WGC team realized they required finance to cover the cost of recruiting more experienced staff and operating the new office. The company tried to source funding through banks but faced multiple challenges getting the amount they requested after going through tedious administration processes. Additionally, the banks did not offer a relationship manager, and it took more than 90 days for the loan approval.
What Beehive did
Beehive offered WannaGo Cloud Term Finance. Term Finance is a flexible SME business loan which can be repaid over 6-36 months, providing the company with faster finance.
WannaGo Cloud submitted the necessary documentation
Beehive completed the risk assessment using the proprietary credit decision engine
Upon approval, WannaGo Cloud was listed on Beehive's online marketplace
Within 19 days, WannaGo Cloud's funding request is filled
The approval process for WannaGo Cloud was fast and easy. The company submitted the necessary financial and business documentation so Beehive could complete the full risk assessment using the proprietary credit decision engine. As soon as WannaGo Cloud was approved, the company was listed on Beehive’s online marketplace. Within 19 days of listing, Beehive’s network of investors successfully filled WannaGo Cloud’s funding request.
Beehive’s Term Finance product has helped WannaGo Cloud fund its growth. WannaGo Cloud successfully recruited quality talent, including a country representative for Bahrain. The company was able to onboard new channel partners since the funding. Furthermore, WannaGo Cloud is now ready to expand its product offerings to other GCC countries.
“Traditional banks are hugely underserving SME customers in our region, and their serviceability is very low. But Beehive has alleviated this pain. Post pandemic, the speed of doing business has come to the fore and Beehive provides that solution effectively. The simplicity of Beehive’s solution coupled with very effective relationship management by the Beehive team are the main reasons why we choose them for our funding requirements.”
– Deepak Verma, Founder & CEO, WannaGo Cloud