Crowdz raises $5.5m to launch industry-first global invoice exchange
Crowdz raises $5.5m
Silicon Valley fintech start-up Crowdz has closed a $5.5 million Series A investment round to launch its “revolutionary” blockchain-based global Invoice Exchange, Jane Connolly reports.
The round was led by Barclays Bank and BOLD Capital Partners, with participation from TFX Capital Partners, Techstars Ventures and First Derivatives.
Crowdz aims to disrupt the $9 trillion worldwide receivables market with its built-in B2B payment gateway. The technology enables businesses of all sizes to digitise invoices and accelerate payments and settlement processes.
The fintech calls this new process “metavoicing”. The Invoice Exchange’s proprietary auction platform also allows companies to submit invoices for bank or investor financing without filing additional paperwork.
“While companies of all sizes can benefit greatly from our global Invoice Exchange, we founded Crowdz with the goal of ensuring that all small and midsize enterprises (SMEs) in particular have access to the cash flow they need in order to survive and grow,” says Payson E Johnston, co-founder and CEO of Crowdz.
He adds: “Unfortunately, millions of these companies – which account for 75% of global B2B commerce and which need invoice financing the most – have long been excluded from the market.”
The Series A funds will be used to make key team hires, as well as for product development, marketing and sales.
