Barclays Bank and Bold Capital Partners conducted a financing round amounting to $ 5.5 million for the global invoice market of the Crowdz company. The round was based on blockchain technology.
Great Crowdz's revolution
Crowdz, based in Silicon Valley
, is a startup in the dynamically developing fintech space. On May 28, Crowdz informed, that he closed the Series A investment round of $ 5.5 million.
Now Crowdz plans to launch the first global invoice exchange in the banking industry ™. It is said to be a real revolution in the global liability market. The round was led by Barclays Bank and BOLD Capital Partners - a company dealing with technology investments, situated in Great Britain
Irreplaceable blockchain technology
According to the report, the blockchain-based technology will make invoice processing more efficient,thanks to the digitization and automation of traditionally manual processes. The technology also automates the process of searching out the financiers in order to send them invoices.
Payson E. Johnston
, CEO of Crowdz
, highlights the significance of faster processing of invoices for small and medium-sized enterprises:
Currently, small and medium-sized companies often have to wait for 90 to 120 days to pay. It comes as no surprise then, that more than half of these have problems with cash flow in a given year. Now companies like that can receive payment in a few days or less. Moreover - in prices usually much lower than in other places on the market.
TFX Capital Partners, Techstars Ventures and First Derivatives
were also among the companies that financed the round. Financial support will probably be dedicated to products development, marketing, sales and employment of employees at Crowdz.
previously reported, in April Barclays joined the trial testing blockchain technology as a way of improving real estate transactions. The trial was conducted by Instant Property Network, with the usage of the Blockchain Corda platform developed by the R3 software consortium