Citrusxchange launches blockchain-based supply chain financing platform

Citrusxchange launches blockchain-based supply chain financing platform

Canadian startup Citrusexchange has unveiled a blockchain-based platform for supply chain and invoice financing.

Dubbed Kwikxchange, the online platform will let SMEs apply for loans from multiple lenders and banks. The firm is promising near-instant access to financing, with a seamless connectivity to credit agencies supporting quick onboarding and an inbuilt scoring engine calculating the forecasted business, enabling underwriters to make fast decisions.

All important information such as company information, KYC documents, loan documents, and transaction data are permanently stored on the blockchain.

Citrusxchange says that it is in "advanced stages" on contracting with banks and other finance firms around the world, and expects to launch in India, Kenya, Indonesia, and the UAE.

Rammohan Prabhakar, CEO, says: "SMEs are the backbone of global economies with a credit gap of around $2 trillion. The platform will help further boost the growth and competitiveness of SMEs globally and in turn enable them actively participate in the growing digital economy worldwide."

Comments: (1)

Jonathan Bowles
Jonathan Bowles - bushido strategy ltd - Odiham 10 July, 2018, 09:22Be the first to give this comment the thumbs up 0 likes

brilliant . bring it on in the uk