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The recent investment was led by First Minute Capital, following a Concept led pre-seed in 2023
Ontik is transforming how back-office tooling and payments are conducted with software and AI that can seamlessly power manual processes. The company has landed early customers within the UK building materials sector, a £100bn market where tight margins, high volume transactions, and fragmented operations create ripe conditions for automation.
The product
Ontik’s software automates the order-to-cash cycle, including issuing credit terms, following up on payments, resolving disputes, and syncing with enterprise resource planning (ERP) systems. The company says its AI-powered platform can reduce the time spent chasing payments by over 60%, accelerate cash collection by more than 30% and reduce card fees by 25% while also decreasing disputes.
Ontik integrates with commonly used ERP systems like Merlin, Unleashed, and Intact, allowing for fast deployment across multi-branch wholesalers without disrupting existing operations. This is particularly useful in industries such as construction materials, where administrative teams are often stretched thin and digital adoption has historically lagged.
Why we invested
A proven founding duo, Ontik is founded by Chris Smith (CEO) and John Smith (CPO) - two second-time entrepreneurs and brothers with a compelling track record in fintech and a deep understanding of their target market. Prior to Ontik, they built and exited Lendflo, an automated SME lending platform. Lendflo was acquired early in its journey by Fibr.
What sets this team apart is their first-hand exposure to the challenges of trade credit. Their family’s experience running an SME construction business exposed them early to the operational and financial friction that Ontik now aims to solve. Their dual background - operational in construction and technical in fintech - makes them uniquely qualified to bring real innovation to an underserved segment.
This, alongside the proven demand for better solutions that can meet both customers and the next generation of business owners in the B2B wholesale market, leaves us extremely excited by what is to come from Ontik.
What’s next
Over the past year, Ontik has launched in 30 branches with merchants including GH Brooks, AW Lumb, FORT, and Collier & Catchpole
Ontik’s approach is rooted in a pragmatic go-to-market strategy. They’ve chosen to start with a low-friction, high-impact product that integrates smoothly with existing ERP systems, crucial in laggard digital environments like construction materials distribution.
This positions Ontik well as they continue to build out and become a foundational layer in their customers' financial stack
