Product Update – April 2022

LOI Builder | Funds Verification | Deal Collaboration | Currency Converter

What’s new? It’s a jam-packed release with all Flippa customers gaining access to some exciting new features that will assist you in buying or selling an online business or digital asset.

We’ll step through each feature individually and talk through the benefits.

Embedded Letters of Intent (LOI)

Ready to do a deal. Easily submit an LOI.

Now Live

A letter of intent is often a critical step in buying and / or selling a digital asset or online business. It sets out the terms of the deal including price, deal structure and terms. It will often also talk about a due diligence period and then critically, the expected close date.

Fippa’s new embedded LOI feature is available on any listing with an asking price in excess of $25,000 and offers the option to:

Use the wizard to build an LOI

It’s simple. Choose an offer price, nominate a due diligence period, close date and

any deal terms. You can then submit the LOI for review. Sellers then have the opportunity to accept or reject and of course the LOI will be stored and time stamped. 

Upload your own

Alternatively, upload your own LOI. This is stored as a PDF on the platform but unlike the ‘wizard’ buyers and sellers will need to download, sign and re-upload.

Provide proof of funds with our new integrated funds verification

Click confirm and carry on to get preferred access to deals.

Release Date: Wednesday, April 13, 2022

We have the world’s largest buyer base and our business owners are receiving thousands of views and an average 102 enquiries. Accordingly, we are adding a funds verification requirement for all listings priced in excess of $250,000. The idea is that sellers meet more of the right buyers.

We’ve made it easy.

To verify, buyers can either use our provider Plaid (Plaid.com), which covers more than 11,000 banks and credit unions across the United States and Canada, to click, confirm and carry on OR you can verify manually with our marketplace integrity team.

The Plaid system allows you to connect bank accounts for an easy anonymised funds verification process and accordingly, gives you preferred access to listings within your budget.

Based on your funds verified amount, Flippa makes a determination on your purchasing power giving you instant access and one-click auto-accept on listings protected by Non-Disclosure Agreements (NDA).

List and price in your local currency

14 different currencies now supported by Flippa.

Release Date: Wednesday, April 13, 2022

13 years into our market leadership position and we have finally added multiple currency options to our platform. No longer do you have to convert your financials into USD. No longer do you have to set an asking price in USD. You can now list and price in one of 14 different currencies.

You can now list and price in one of 14 different currencies.

British seller? List and price in GBP.
European seller? List and price in EUR. 

Business owners can now list and price in any one of the following currencies: USD, AUD, GBP, EUR, CAD, ILS, NZD, SGD, HKD, JPY, USD, CHF, NOK, SEK

Add a third party to do deals quicker

The invite new member feature ensures other parties can contribute to a deal.

Release Date: Wednesday, April 30, 2022

Most deals are done between more than two parties. Sellers have business partners and lawyers. Buyers have financing partners and accountants. With Flippa’s new third party permissions feature you can add and remove parties to a deal at any time.

It’s simple. Look for the ‘Invite New Member’ feature within a discussion. Classify their role and await approval.

Our vision to enable a pathway to exit and empower business ownership depends on a community of buyers and sellers, makers and creators, business owners and acquisition entrepreneurs and our commitment to building a platform with the tools you need to get deals done.

If you have feedback on these features or any others feel, send us a note at [email protected].

    Tony is the Head of Product at Flippa and has a passion for enabling organisations to innovate and disrupt the market. He's led growth and scale up strategies in Product and Revenue across the startup, SME and Corporate sectors. At Flippa, Tony is driving an expert team to build new features and products that give users the tools they need to get deals done.

    Recommended for you

    Get a free valuation with Flippa
    Get a free valuation with Flippa

    Discover more from Flippa

    Subscribe to our Blog

    Get the latest blog posts, insight reports and news directly to your inbox every week.