An Israel-based startup looking to transform the business factoring invoice industry through blockchain has pulled in the first capital towards its $2m fundraising target.
INVIOU, which boasts the son of Israel’s State Comptroller Yosef Shapira – as its CEO, has already collected about $300,000 to boost its offering, which focuses on SMEs in need of getting their hands on cash quickly.
Factoring involves a company selling its accounts receivable at a discount to a third party to give it immediate cashflow.
The company says its blockchain-based platform aims to revolutionise the standard SME finance methods and “eliminate the need for slow, costly, and high-risk credit financing which currently exist in the industry”.
CEO Dror Shapira previously acted as project finance manager at Shapir Engineering, where he led multi million NIS financing packages.
He later served as head of finance and risks at S.Shlomo Holdings leading billions of NIS capital market issuing.
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