Lendor
Lendor

“I Can’t Even Imagine Onboarding Investors The Paper Way Now”

A sustainability-driven tech startup, Lendor aims to empower the circular economy by solving the problem of people having too much stuff at home leasing out products like laptops, cameras and even outdoor equipment.

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“I Can’t Even Imagine Onboarding Investors The Paper Way Now”
“I Can’t Even Imagine Onboarding Investors The Paper Way Now”
    50 hours

    saved per month on business accounting

    2 hours

    saved per week by connecting accountant and corp. secretary

    100% digital

    chat for 24/7 data tracking

Client

Lendor

Uses E-commerce Accounting
Member Since

February 2020

line of work

On-demand rental marketplace

Website lendor.sg
Wei Zhang Chuan
CO-founder & CEO

Wei Zhang Chuan

Lost In a Web of Crossed Wires

Before Lendor, Wei Zhang was involved in starting three other companies and worked with a traditional associate for his secretarial work, doing things the old-school way over the phone. He struggled with getting the support he needed, having to make several calls just to get through and then finding staff busy with other clients. A lack of integrated communication was also a problem, meaning he had to step into the gap.

“In the past, my part-time accounting person would be using accounting software, but she’s not talking to my secretary, and I had to be the interface between them. It was crossed wires everywhere.”

Lost In a Web of Crossed Wires
Lost In a Web of Crossed Wires

Working Smarter

Wei Zhang and his co-founders discovered Osome through an accelerator programme for startups, and our digital-first approach was the ideal fit:

“Running a tech business – my background is in tech as well – we wanted to adopt digital solutions in every aspect of the business. That’s the reason we chose Osome.”

“With the digital corporate secretary, it seems like you always have someone there for you. Digitally, every conversation is being recorded as well, so there’s a trail of conversation. It really helps us retrieve some of our past conversations and keep track of what we’re doing.”

Working Smarter
Working Smarter

Outcome: 50 Hours a Month Saved By Outsourcing Accounting to Osome

Osome’s app allowed Wei Zhang to submit all his documents through the digital platform, and he was particularly impressed by being able to sign everything digitally – as were his co-founders in Vietnam:

“I was able to onboard many different investors quickly. I now cannot imagine having to do it the paper way. Imagine having to get addresses from 10 people and make sure they send the documents back to the secretary on time. Or send the documents and have to physically meet up with them every time.”

With Osome I like that everything is integrated, from secretarial to accounting, accounting software to bookkeeping, everything is connected. On average, I probably save at least 50 hours a month.

Wei Zhang Chuan, CO-founder & CEO

Any Advice to Others Starting a Business in Your Industry?

Wei Zhang’s serial entrepreneur experience means he’s accumulated plenty of knowledge in the business space – particularly around tech. Here’s his advice to aspiring entrepreneurs:

“Number one, I think validation is very important. A lot of companies start in the sustainability space and have an ideal view of the world, a purpose, a calling to make an impact on the world. But at the same time there’s a need to balance purpose with profits. Before jumping in, some validation needs to be done. There can be businesses that make both impact metrics and performance metrics.

Number two: any business with a founder has so many things to oversee, so if you can get the right tools and the right resources in every aspect of your department, go for it.”

Free Yourself From Admin Drudgery and Focus on Your Business

If you want to take Wei Zhang’s sage advice and find the perfect digital solution to support your business startup, look no further than Osome. Save the time and stress of accounting work for your e-commerce business. We connect to all your marketplaces to directly upload financial statements, then transform them into books, reports and tax filings. Simply leave the administrative work to us so you can focus on more important tasks. Get started today.

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