Invoice Exchange is anticipated to disrupt the invoicing industry, with receivables surpassing $9 trillion globally.

The UK-based Barclays bank has reportedly led a $5.5 million funding for invoice exchange of Crowdz, a blockchain start-up. The invoice exchange based on blockchain technology will digitalize and automate the recurring traditional manual invoicing processes. Invoice Exchange is anticipated to disrupt the invoicing industry, with receivables surpassing $9 trillion globally.

Reportedly, apart from Barclays Bank, BOLD Capital Partners also led the funding. Other investors, such as Techstars Ventures, First Derivatives, and TFX Capital Partners also participated in the round. The $5.5 million raised in the latest funding will be utilized for hiring key individuals, marketing, sales, and product development.

Apparently, innovation in the blockchain space has been growing. However, many capable start-ups have been forced to shut down due to lack of capital banking. Major players like Barclays Bank are entering into the scene and financing innovative blockchain solutions will provide the much-required capital help to the industry. These funds will also enable businesses to cover niche markets and support small and medium-sized industries for adoption of blockchain.

Payson Johnston, CEO, Crowdz, reportedly stated that while the global Invoice Exchange of the company can greatly benefit enterprises of all sizes, Crowdz was founded with the aim to ensure that particularly all small and medium-sized enterprises (SMEs) have access to the cash flow which they require to survive and grow. However, these companies account for 75 percent of global B2B commerce, they have been kept away from the market, though they were in extreme need of capital assistance, he further added.

John Stecher, Chief Technology and Innovation Officer, Barclays Bank, reportedly stated that Crowdz has been transforming B2B payments with its advanced Invoice Exchange. The company is excited to see Crowdz enter the next phase of growth and would support the firm further as it works to disrupt the payments industry, delivering a superior service to the company’s clients and customers.

Source credit: https://www.cryptonewsz.com/barclays-banks-leads-5-5-million-funding-round-for-crowdz-blockchains-new-invoice-exchange/22328/

https://finance.yahoo.com/news/barclays-leads-5-5-million-120003416.html