Crowdz, a Sunnyvale, California-based B-commerce company, as per recent reports, has just closed a Series A round, raising $5.5 million in investment funding to launch its “revolutionary” blockchain-based global Invoice Exchange. Crowdz’ recent Series A was led by Barclays Bank, a UK-based investment bank, and BOLD Capital Partners, and was participated by TFX Capital Partners, Techstars Ventures, and First Derivatives.
The Silicon Valley-based fintech startup aims at disrupting the global $9 trillion receivables market with its proprietary built-in B2B payment gateway. Crowdz claims its blockchain-based tech enables businesses of all sizes to digitize invoices and accelerate the payments and settlement process, the startup calls this new process – “metavoicing”. Furthermore, Crowdz’ proprietary auction platform enables businesses to submit invoices to bank or investor financing without the need to file for any additional paperwork.
“While companies of all sizes can benefit greatly from our global Invoice Exchange, we founded Crowdz with the goal of ensuring that all small and midsize enterprises (SMEs) in particular have access to the cash flow they need in order to survive and grow,” states Payson E Johnston, Co-Founder & CEO, Crowdz.
Adding further, Payson says, “Unfortunately, millions of these companies – which account for 75% of global B2B commerce and which need invoice financing the most – have long been excluded from the market.”
With this recent Series A funding, the Silicon Valley-based Crowdz plans on hiring new professionals, along with further boosting its product development, marketing, and sales processes.