US-based startup Crowdz has opened private pilot for the world’s first invoice financing marketplace, InvoiceXchange, enabling businesses to auction off their unpaid invoices in return for invoice financing.
Founded in 2018, Crowdz received backing from Oracle, BOLD Capital Partners and Barclays Bank to create InvoiceXchange, a global platform that enables SMEs to get paid faster by submitting invoices for bank or investor financing, without the need to file paperwork.
Built on the Ethereum blockchain, InvoiceXchange addresses challenges like KYC, AML title ownership to maintain a fully-transparent, single source of truth to pre-vetted funders, while enabling SMEs to receive dozens of offers for financing, improving SME cashflow by unlocking capital otherwise tied up in invoices.
“SMEs are the backbone of our economy, and our goal is to accelerate SME profitability by enabling access to real-time working capital, so more business can flourish,” commented Payson E. Johnston, CEO and co-founder at Crowdz.
InvoiceXchange is due to go live in the second half of 2020.
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