Crowdz pilots blockchain-powered invoice exchange

Source: Crowdz

Crowdz opens 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 quickly 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 complex 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 at competitive rates, improving SME cashflow by unlocking capital otherwise tied up in invoices.

Collectively, late payments can cost small-to-mid sized businesses as much as $3 trillion globally, with 1 in 10 invoices failing to be paid on time(1).

Payson E. Johnston, CEO and Co-founder at Crowdz, says: "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."

InvoiceXchange is set to go live in the second half of 2020.  

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