By UK-based international bank, Barclays & Bold Capital, a tech investment firm recently led a $5.5 million funding round for Crowdz’s blockchain-based global invoice exchange, as per a press release published on May 28th.
According to the report, the blockchain-based tech will purportedly make the processes of invoicing more efficient through the digitization and automation of what has always been manual and time-consuming processes. Furthermore, the tech also automates the process of attaining financiers and transferring them invoices.
Payson E. Johnston, CEO of Crowdz, emphasized the importance that this digital invoicing system has in store for small and medium enterprises (SME’s):
“Today, small and midsize businesses often have to wait for a financially crushing 90 to 120 days or more to get paid. It’s no wonder that more than half of them suffer cash-flow problems during any given year. However, with the Crowdz Invoice Exchange, these often struggling companies can get paid within a few days or less-at rates usually far less than available elsewhere in the market.”
In addition to the funding investment from Barclays and BOLD, the $5.5 million round was also backed by TFX Capital Partners, Techstars Ventures, and First Derivatives. The funding will reportedly go towards product development, marketing, sales, and recruiting new staff for the Crowdz team.
Back in April, Barclays joined a trial which tested blockchain technology to streamline transactions in the real estate sector. The testing was completed by Instant Property Network utilizing the Corda blockchain platform developed by R3, the blockchain-focused software consortium.
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