OnBuy, the UK-based online marketplace, is using Oracle NetSuite to support its mission to make online commerce more equitable for buyers and sellers. With NetSuite, OnBuy has been able to take advantage of an integrated business system to improve financial operations and reporting and support its growing customer base which is now served by more than 11,000 retailers hosting over 36 million products.
OnBuy launched in 2016 aiming to provide a fairer, more transparent online marketplace for retailers. Since its launch, OnBuy has become one of Europe’s fastest-growing companies and been recognised on the Financial Times 1000. The growth in online purchasing during the pandemic further propelled OnBuy’s expansion and led to £35 million in series A+ funding in 2021. To scale its operations to support its expanding business, OnBuy decided to replace its finance system from Xero with NetSuite.
“OnBuy’s meteoric growth is thanks to our refreshing approach to online commerce and a proposition that champions transparency and collaboration,” said James Watts, CFO, OnBuy. “The systems we use must also reflect those values and enable us to succeed. With NetSuite, we now have much greater visibility across departments and revenue streams, and more ways to report back to the business and investors. NetSuite will grow with us as we harness its ability to manage a multinational, multicurrency business.”
With NetSuite, OnBuy has been able to unify and manage its financial operations on a single cloud business system. NetSuite has helped the OnBuy finance team develop more in-depth departmental and investor reports, manage supplier payments, streamline bookkeeping activities and automate bank payments. To further optimise financial operations, the planning and budgeting capabilities in NetSuite will help the OnBuy team improve financial forecasting and modelling across the business. In addition, NetSuite will support OnBuy as it expands into new countries, by helping it manage transactions in multiple currencies and across subsidiaries. OnBuy worked with NetSuite partner MacroFin to complete its NetSuite implementation in just over three months, including customisation of workflows for budget approvals.
“In a multi-trillion-dollar industry, OnBuy has the potential to reshape the online commerce landscape,” said Brandon Wilkins, senior director, EMEA account management, Oracle NetSuite. “The systems OnBuy uses to run its business needs to be capable of delivering that scale. With NetSuite, OnBuy has a trusted partner to deliver exceptional experiences for its customers and its retailers, while keeping a keen eye on productivity and efficiency.”
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