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KredX acquired New York-based startup Hummingbill

KredX
KredX aims to enhance its customer experience, optimise invoice delivery, tracking, follow-ups and reconciliation using the applications designed by Hummingbill

Business

KredX acquired New York-based startup Hummingbill

Indian invoice discounting platform KredX acquired New York-based startup Hummingbill – an Accounts Receivables Management software startup. Along with the talent pool, the acquisition will also enhance KredX’s technological capabilities on Accounts Receivables side.

Using the applications designed by Hummingbill, KredX also aims to enhance its customer experience, optimize invoice delivery, tracking, follow-ups and reconciliation.

Talking about their search to collaborate with teams or companies to improve customer experience, technology and functional capabilities, Anurag Jain, Co-Founder and Executive Director, KredX said, “Hummingbill checks all boxes and Adam is definitely a quality asset for our team.”

By facilitating discounting of unpaid invoices (raised against blue-chip companies) to a network of buyers and investors including banks, NBFCs, wealth managers and retail investors, KredX helps businesses meet their short-term working capital needs. MSMEs with cash tied up in invoices that otherwise takes an average of 30 to 90 days to be cleared by the enterprises gets cleared with KredX’s help. It enables investors to channelize their funds optimally by providing access to risk mitigated, high yield and short-term investment opportunities that are not tied to the uncertainties of the stock market.

“With the acquisition of Hummingbill, we are combining what we built the last 2 years with KredX’s invoice-discounting platform to provide Indian SMBs an even more complete discounting and technology solution to address their regular cash flow gaps.” added Adam Walker, Founder and CEO, Hummingbill.


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