Barclays Bank is backed by a $ 5.5 million round of financing for Blockchin’s benefits.
The round was jointly led by Barclays and investment firm Bold Capital Partners, Crowdz announced on Tuesday, with TFX Capital Partners, Techstars Ventures and first derivatives also participating.
The investment will go to product development, marketing and sales, as well as recruitment, according to the firm.
Crowdz are going to disrupt the payments industry with an emphasis on $ 9 trillion in the global customer market through its blockchain based “Exchange Invoice.” The utility allows companies to automatically digitize invoices and automatically speed up payment collections.
Kevin Hopkins, a former White House economist and Crowdz chief strategist, said 90 percent of the annual inventory of more than 400 billion invoices is still processed manually.
Crowdz founder and CEO, Paison Johnston, said:
“We created Crowdz to ensure that all small and medium-sized enterprises have access to the cash flow they need to survive and grow, and unfortunately, millions of these companies – which account for 75% of the global B2B trade that needs the most accounting funding – have long been excluded from the market.”
While SMEs are forced to wait up to 120 days or more to get paid, an invoice invoice allows companies to get paid “within a few days or less,” he added.
In addition, the platform invoice also offers a tender platform through which companies can submit their invoices to banks or investors to offer funding proposals without additional paperwork, according to Krodez.
Crowdz’s angel investors include Chris Edelsbach, a venture partner at Techstars Ventures; Susan Standiford, CTO at IKEA; And Dr. Jurgen Wolf, former founder and CEO of Mercedes Pay, according to the announcement.