Rakbank, the Invoice Bazaar team on invoice financing
UAE-based Invoice Bazaar, a FinTech offering receivables finance, supply chain finance and other solutions for B2B commerce, is now working with a major bank in the country.
The company revealed On Tuesday (August 8), it is partnering with the National Bank of Ras Al-Khaimah, also known as Rakbank, to expand its supply chain finance offerings for FI corporate clients. The bank will join Invoice Bazaar as a debtor buyer to support financing initiated on the Invoice Bazaar platform, making Rakbank the first FI in the Middle East to sign such a partnership with an alternative finance company for SMEs.
“This partnership is important to us as we move towards further digitalization of our offering to our professional clients,” Rakbank CEO Peter England said in a statement. “This opens up a new channel for SME lending.”
According to their announcement, the bank is also exploring how to expand the Invoice Bazaar partnership using FinTech to streamline its own invoice discounting and trade finance services.
Invoice Bazaar uses debtor buyers such as Rakbank to provide advance payments to SME suppliers on its platform while they wait for their invoices to be paid by large corporate buyers.
“We are extremely happy to have Rakbank as our first partner bank in our business,” Anand Nagaraj, Founder and CEO of Invoice Bazaar, said in a separate statement. “Rakbank is one of the most active and innovative banks in the region, and it is no surprise that it has moved faster than any other bank to understand the synergies that exist. This association will help us attract global and local companies to implement the supply chain program for their suppliers. »
According to the companies, five supply chain finance programs have been implemented in companies as a result of this partnership.
Earlier this year, Invoice Bazaar announced that it had received new funding. The company declined to reveal how much it had raised, but did note that the funding came from former Citigroup CEO and Asia-Pacific chairman Shirish Apte.