13 October 2023
SoftCo, the fast-growing Procure-to-Pay (P2P) and Compliance technology company, are delighted to welcome Vinted, the global online marketplace specializing in new and second-hand clothing and accessories, to the growing number of forward-thinking organizations who have chosen SoftCo to automate their Accounts Payable process.
Vinted have experienced significant growth since their launch in 2008, now serving over 65 million registered users across twenty countries globally. As a result of their growth to date, Vinted encountered numerous challenges with their existing AP process, primarily due to an ERP system that was ill-suited for their needs. This was leading the team to manually handle a large portion of their invoices. Vinted required a solution that would fully automate their AP process, enhance their invoice handling capacity, provide them with complete control and visibility over the entire process, to enable further strategic growth.
SoftCo will provide Vinted with full AP automation, encompassing invoice capture, matching, coding, and approval. Leveraging SoftCo’s advanced Automated Machine Learning (AutoML) Matching engine, Vinted’s 25,000 annual invoices will be processed up to 89% faster. SoftCoAP will be seamlessly integrated with their existing ERP system, Netsuite. The Vinted team view SoftCoAP as “a pivotal tool, demonstrating not only it is a robust and convenient utility in our daily operations, but also its flexibility to adeptly meet our AP needs”.
About SoftCo:
SoftCo are a fast-growing global Procure-to-Pay (P2P) and Compliance technology company. SoftCo’s smart technology with unique AutoML delivers unrivalled straight through PO invoice processing rates of 90%, ensuring industry leading ROI. With 33 years’ experience, SoftCo ranks highest in independent customer satisfaction surveys. Operating from the US, Finland, the UK and Ireland, SoftCo has over a million users worldwide with customers including PwC, Volkswagen, Primark, Logitech and the Finnish Government. SoftCo is ISO27001 certified, SOC 1 & 2 and Katakri audited, a Microsoft Co-Sell Certified Partner, an AWS Advanced Technology Partner, and is integrated with over 200 ERP systems.
