Advance Global Capital partners with Invoice Bazaar for SME funding
Advance Global Capital (AGC) has announced the enhancement of its partnership with Invoice Bazaar, a fintech supply chain finance platform in the UAE for offering receivables purchase from SME suppliers.
The initial term sheet signed by AGC in October 2016 was for the capital of $1.1 million and is now enhanced to $5 million. Invoice Bazaar, which has recently won confidence of institutional capital providers including, Advance Global Capital and RAKBANK, has been in discussions with several other financial institutions and expects to close out on new relationships.
Commenting on this triumph, Nate Hartley, CEO of Advance Global Capital said, “Having worked with Invoice Bazaar over the last year, we found them to be a great partner as the team understands our investment mandate and we are able to close out on opportunities rather quickly. Alternate finance in the Middle East is catching up and we see some tremendous traction originating from the UAE. ”
Invoice Bazaar is Advance Global Capital’s first investment in the Middle East that has deployed capital across the globe through receivables finance platforms like Invoice Bazaar. The company has implemented over a dozen supply chain finance mandates in the last 12 months since it began operations. Invoice Bazaar’s buyers and suppliers include local as well as multinational clientele such as Unilever, Huhtamaki Group, Hamleys and Britannia Middle East.
“With enhanced institutional capital, we are able to attract better client profile interested in supply chain finance (SCF) offering. As SCF is a solution that benefits every stakeholder, it is obvious for larger corporations to be interested in implementing this model benefiting their suppliers. AGC has been a great support to us even before we founded Invoice Bazaar. They continue to add value with their wealth of experience in the receivables finance space,” said Anand Nagaraj, Founder and CEO of Invoice Bazaar.