Dubai-based supply chain financing startup Invoice Bazaar has secured new funding from former Citigroup Asia-Pacific CEO Shirish Apte.
The financial terms of the deal are undisclosed with Apte joining the company’s board as a result of the investment.
The company’s platform connects SME suppliers with large buyers to enable them to receive early payments on their future dated invoices.
It also partners with local banks to help provide liquidity support to SME suppliers.
Invoice Bazaar launched last year in Dubai and has since expanded to India and Singapore.
Apte commented: “I found the business model of Invoice Bazaar compelling, as it complements banks’ offering rather than trying to compete with banks.”
The company previously raised $1.1m in debt financing in September 2016 Advance Global Capital.
The investment comes as Dubai looks to boost its reputation as a FinTech hub in the region through the launch of the FinTech Hive accelerator and new regulation to support investment.
Copyright © 2017 FINTECH GLOBAL
