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Blockchain startup Crowdz has launched a private pilot of InvoiceXchange, its invoice financing marketplace, Ledger Insights reported.
InvoiceXchange would allow SMEs to auction off unpaid invoices to raise finance. Registrations are now open for the private pilot.
Founded in 2014, Crowdz is a U.S.-based fintech company aiming to transform invoices, cash flow, and trade finance. The company raised $5.5 million in a Series A round last year led by Barclays Bank and BOLD Capital Partners.
InvoiceXchange leverages blockchain technology and aims to provide more liquidity for SMEs. One of the key goals is to facilitate access to financing without the need to complete the complex paperwork. In addition, the platform serves as a marketplace for the invoices – banks and investors can submit their offers to SMEs, which can then choose the most competitive rate, Pymnts reported.
“Cashflow is the biggest determining factor for a small business’ success. Research shows 64% of SMEs start with less than $10,000, meaning cashflow is often tight and needs to be managed carefully, particularly in the early days,” said Payson Johnston, CEO and Co-founder of Crowdz.
Crowdz can facilitate improved cashflow and automated payments by digitalizing the accounts receivables process. In addition, blockchain technology helps ensure that companies get better auditability, thereby improving their creditworthiness.
“SMEs are the backbone of our economy. Crowdz’s goal is to accelerate SME profitability by enabling access to real-time working capital, so more businesses can flourish,” added Johnston.
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