“We have been using Garton since about a year after our founding, to assist with our growing international payroll. The system is easy and can some months involve a couple of thousand payments across several currencies to hundreds of different beneficiaries. All payments can be added into one spreadsheet, uploaded onto the platform and we get given a single euro figure to send in. Garton take care of the rest. Saves us substantially on both time and money”
Gorillas is a high growth food delivery start up founded in 2019 in Berlin, aiming to get groceries to users within 15 minutes. It’s business was initially focused on Berlin but it quickly grew to wider Germany and then into neighbouring countries and by 2021 they were also operating in the UK and US.
The Eurozone remained the main profit drivers for the company despite it’s international expansion and investment. This left the company with a NET requirement to purchase GBP and USD to cover operating costs and also the salaries of its network of 2,000 delivery drivers. The company originally availed of their banking service to make these payments where they were charged €12.00 per payment along with a poor exchange rate which led to exorbitant costs incurred by the business. Added to this the process of making 2,000 individual payments led to a substantial time burden to the finance team.
Garton were engaged by Gorilla’s relating specifically to their international payroll. The goal was to reduce time and costs by allowing Gorillas to condense payments into one singular payment to Garton who would in turn distribute the payments directly to its rider network. With some upfront time investment Gorilla’s completed a CSV file which had all of its riders bank details within and then on a monthly basis provided this to Garton who then uploaded the file onto the payment platform. This then produced one euro figure for Gorilla’s to send for settlement, once received Garton would execute to currency trades and make the onward payments directly to the riders and their wages would be received within one working day.
Garton were immediately able to save Gorilla’s EUR 24,000.00 per month by condensing all international priority SWIFT payments into one singular regular euro payment. Further to this Garton were also able to improve the exchange rate achieved by 1.2%, leading to an additional saving of circa EUR 20,000.00 per month. Finally Gorillas were able to save 99.9% of the team members time and effectively leverage this efficiency within other areas of this rapidly growing business.
Garton were immediately able to save Gorilla’s EUR 24,000.00 per month by condensing all international priority SWIFT payments into one singular regular euro payment. Further to this Garton were also able to improve the exchange rate achieved by 1.2%, leading to an additional saving of circa EUR 20,000.00 per month. Finally Gorillas were able to save 99.9% of the team members time and effectively leverage this efficiency within other areas of this rapidly growing business.”
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