KredX, India’s leading invoice discounting platform, announced the acquisition of New York headquartered Accounts Receivables Management software startup Hummingbill today for an undisclosed sum.
This acquisition will help KredX to enhance its technological capabilities on Accounts Receivables side along with the addition of the talent pool from Hummingbill. KredX also aims to enhance its customer experience, optimize invoice delivery, tracking, follow-ups and reconciliation using the applications designed by Hummingbill.
Anurag Jain, Co-Founder and Executive Director, KredX said, “KredX is a technology company and we continue to lookout for opportunities to collaborate with teams/companies that can help us improve our overall customer experience, technology and functional capabilities. Hummingbill checks all boxes and Adam is definitely a quality asset for our team.”
“In starting Hummingbill, my vision was to address the problem of B2B payment collections for SMB suppliers in India through technology that improved their invoicing workflows. With the acquisition of Hummingbill, we are combining what we built the last 2 years with KredX's invoice-discounting platform to provide Indian SMBs an even more complete discounting and technology solution to address their regular cash flow gaps.” added Adam Walker, Founder and CEO, Hummingbill.
Manish Kumar, Co-Founder and CEO, KredX said, “Adam and Hummingbill are a welcome addition to Team KredX. Adam and his team have built an amazing product that helps companies in tracking their receivables. These receivables, in turn, can be an input to the KredX’s receivables discounting offering”.
KredX helps businesses meet their short-term working capital needs by facilitating discounting of their unpaid invoices (raised against blue-chip companies) to a network of buyers and investors including banks, NBFCs, wealth managers and retail investors. The company helps MSMEs manage their cash flow by unlocking the cash tied up in invoices that otherwise takes an average of 30 to 90 days to be cleared by the enterprises. It enables investors to channelize their funds optimally by providing access to risk mitigated, high yield and short-term investment opportunities that are not tied to the uncertainties of the stock market.
Contributed | what does this mean?