News Contact Us

Barclays leads $5.5 M funding round for blockchain startup Crowdz

Author : Pankaj Singh | Published Date : 2019-05-31 

Invoice Exchange is anticipated to disrupt the invoicing industry, with receivables surpassing $9 trillion globally.

The UK-based Barclays bank has reportedly led a $5.5 million funding for invoice exchange of Crowdz, a blockchain start-up. The invoice exchange based on blockchain technology will digitalize and automate the recurring traditional manual invoicing processes. Invoice Exchange is anticipated to disrupt the invoicing industry, with receivables surpassing $9 trillion globally.

Reportedly, apart from Barclays Bank, BOLD Capital Partners also led the funding. Other investors, such as Techstars Ventures, First Derivatives, and TFX Capital Partners also participated in the round. The $5.5 million raised in the latest funding will be utilized for hiring key individuals, marketing, sales, and product development.

Apparently, innovation in the blockchain space has been growing. However, many capable start-ups have been forced to shut down due to lack of capital banking. Major players like Barclays Bank are entering into the scene and financing innovative blockchain solutions will provide the much-required capital help to the industry. These funds will also enable businesses to cover niche markets and support small and medium-sized industries for adoption of blockchain.

Payson Johnston, CEO, Crowdz, reportedly stated that while the global Invoice Exchange of the company can greatly benefit enterprises of all sizes, Crowdz was founded with the aim to ensure that particularly all small and medium-sized enterprises (SMEs) have access to the cash flow which they require to survive and grow. However, these companies account for 75 percent of global B2B commerce, they have been kept away from the market, though they were in extreme need of capital assistance, he further added.

John Stecher, Chief Technology and Innovation Officer, Barclays Bank, reportedly stated that Crowdz has been transforming B2B payments with its advanced Invoice Exchange. The company is excited to see Crowdz enter the next phase of growth and would support the firm further as it works to disrupt the payments industry, delivering a superior service to the company’s clients and customers.

Source credit: https://www.cryptonewsz.com/barclays-banks-leads-5-5-million-funding-round-for-crowdz-blockchains-new-invoice-exchange/22328/


About Author

Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

Related News

Sir Richard Branson to contribute £200M to stabilize Virgin Atlantic

Published Date: 2020-07-14         Author: Pankaj Singh

British business magnate Sir Richard Branson had reportedly announced that he intends to contribute a sum of £200 million as part of the £1 billion plan to stabilize Virgin Atlantic without taxpayers’ money. Sources state that he will use the funds raised by selling a £396 mi... Read More

The Electric Cycle Company announces plans to move to bigger premises

Published Date: 2020-07-13         Author: Pankaj Singh

After a successful launch of a £70,000 crowdfunding campaign to renovate its shop and workshop, the Scottish e-bike firm Electric Cycle Company has reportedly announced its plans to move to a 4000 sq. ft., carbon-neutral Edinburgh-based premise, which will be the largest e-bike shop in the UK.... Read More

Cipla launches generic version of Remdesivir at a price of ₹4,000

Published Date: 2020-07-10         Author: Pankaj Singh

Cipla Limited, the multinational pharmaceutical company, has reportedly launched a generic version of the remdesivir drug (Cipremi) at a price of ?4,000 per 100 mg vial, making it among the least priced COVID-19 treatment available across the globe. According to sources familiar with the knowledg... Read More

© 2020 Fractovia. All Rights Reserved