Dubai/London – Advance Global Capital (AGC), announced the enhancement of its partnership with Invoice Bazaar, a FinTech Supply Chain Finance platform in the United Arab Emirates for offering receivables purchase from SME suppliers. The initial term sheet signed by AGC in Oct 2016 was for the capital of US$1.1Million which has been now enhanced to US$5Million.
Invoice Bazaar, which has recently won confidence of institutional capital providers including Advance Global Capital and RAKBANK (a leading UAE bank), has been in discussions with several other financial institutions and expects to close out on new relationships.
“Having worked with Invoice Bazaar over the last year, we found them to be a great partner as the team understands our investment mandate and we are able to close out on opportunities rather quickly. Alternate finance in the Middle East is catching up and we see some tremendous traction originating from the UAE. ” said Nate Hartley, CEO of Advance Global Capital.
Invoice Bazaar is the first investment of Advance Global Capital in the Middle East, which has deployed capital across the globe through receivables finance platforms like Invoice Bazaar.
Invoice Bazaar, has implemented over a dozen Supply Chain Finance mandates in the last 12 months since it began operations. Invoice Bazaar’s buyers and suppliers include local as well as multinational clientele including marquee names like Unilever, Huhtamaki Group, Hamleys and Britannia Middle East. “With enhanced institutional capital, we are able to attract better client profile interested in Supply Chain Finance (SCF) offering. As SCF is a solution that benefits every stakeholder, it is obvious for larger corporations to be interested in implementing this model benefiting their suppliers.” says Anand Nagaraj, Founder and CEO of Invoice Bazaar.
With regards to the enhanced partnership with AGC, Anand said “AGC has been a great support to us even before we founded Invoice Bazaar. They continue to add value with their wealth of experience in the receivables finance space.”
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ABOUT ADVANCE GLOBAL CAPITAL (http://www.advanceglobalcap.com)
Advance Global Capital, Ltd (AGC) is a financial services company based in the UK that focuses on financial inclusion by connecting small and medium-sized businesses in need of working capital with investors who seek commercial rates of return and a positive social impact. AGC takes a centuries old financing tool and overlay expertise in structuring, risk management and financial software to bring global capital to underserved businesses around the world. AGC has partnered with several factoring/supply chain finance platforms across the world including Invoice Bazaar in the Middle East.
ABOUT INVOICE BAZAAR (https://invoicebazaar.com)
Invoice Bazaar Forfaiting Services LLC is a Dubai based FinTech start-up which has developed a technology platform through an in-house technology entity, for offering Supply Chain Finance and Dynamic Discounting. Invoice Bazaar’s team has over 50 years of combined work experience across banking and technology in global organizations like Citi, HSBC and Goldman Sachs. The platform provides opportunity for large buyers to help their SME suppliers by having their receivables paid early. Invoice Bazaar has presence in the UAE, India and Singapore.
© Press Release 2017
