Comet partners with Aria: Strengthening independent IT freelancer ecosystem
Using AI algorithms that analyse millions of data points, Comet identifies the ideal IT freelancer for lengthy projects with major companies in less than 48 hours. Acting as a genuine Freelancer Agent, Comet makes life easier for freelancers by finding suitable assignments and also by settling their monthly invoices within days. By facilitating the financing of these invoices and typically processing payments within 72 hours, Aria assists Comet in realising its value proposition and commitment to freelancers.
The Challenge
Pleasing both corporates and freelancers when it comes to payment
Comet’s mission is simple but crucial: to find top-tier freelance IT experts for businesses keen on undertaking digital projects. The company sets itself apart by promising to find these experts in a maximum of 48 hours for its clients and by supporting freelancers in their daily lives and career growth.
Their portfolio primarily comprises numerous large corporates, some listed on the CAC40 and SBF 120, and they manage a thriving community of over 10,000 qualified experts. Comet is at the forefront of shaping the future of work. Their initiatives include the “Best Freelancer Place to Work” award and comprehensive career services through their “Freelance Agency.”
Every month, nearly 600 freelancers are fully employed on long-term projects that average around a year in duration.
To ensure maximum satisfaction for both clients and freelancers, Comet employs several Account Managers to make the business relations smooth and personable. Beyond their algorithms, they’re continually developing tech tools to facilitate operations and collaboration between these two sets of stakeholders.
The critical challenge here is timely invoice settlements, aligned with regular, monthly payment structures. While corporates usually adhere to 30 to 60-day payment terms, freelancers need quick access to their earnings for day-to-day expenses.
Moreover, it isn’t feasible for Comet to self-fund an operation that generates hundreds of millions in annual business volume.
The need for working capital advances from external partners is thus imperative.
The Solution
A tool for timely advances through a streamlined and reliable process
While Comet does collaborate with traditional banking partners for financing freelancer invoices, these can often be sluggish and less automated.
Aria sets itself apart by streamlining the financing process. Approvals are made directly based on invoices, making the process much less time-consuming than other methods. The only requisite documentation is the freelancer’s invoice, issued based on declared work hours. Aria’s solution provides satisfactory granularity in financing, allowing Comet to advance funds to freelancers, irrespective of the invoice amounts.
Once monthly time logs are submitted and verified, Comet ensures the money is transferred to freelancers promptly in the following days. A dedicated Slack channel has been established, allowing Aria and Comet teams to communicate in real-time, as if part of the same organisation. Any queries or issues are addressed immediately. At Aria, the Customer Success Manager serves as the primary point of contact, always available to action whatever is needed to meet their requirements.
Currently, the collaboration operates on a self-service basis via Aria’s SaaS. However, both companies are contemplating more in-depth integration.
Results
Flexible and smooth financing for Comet
- A tool that aids in retaining freelancers and invigorating the community.
- No more concerns about the payment terms of large corporates.
- A longstanding partnership set to grow in the coming months.
For Comet, the ability to settle invoices within days following the month of service has become a significant factor in retaining their freelance community.
Thus, Aria stands as a strategic choice for Comet, akin to internal initiatives such as the “Freelance Agency”, which provides tailored support based on individual needs.
Freelancers also enjoy a dual benefit: they gain exposure to renowned brands and long-term ambitious projects, which bolsters their credibility and experience, all while enjoying a payment schedule akin to that of regular employees!
On the corporate side, the topic of payment delays is no longer up for debate. This allows Comet to present themselves to large companies with a committed and receptive expert community, all while adhering to their payment terms.
In an era where top talents, especially in IT, are becoming scarce, Comet delivers a quality sourcing solution that perfectly aligns with the digital needs of large enterprises. A 70% annual growth rate speaks for itself!
