KredX an online invoice discounting platform acquired Hummingbill, based in New York it is a B2B startup for accounts receivables management software. The acquired amount is not disclosed yet.
Adam Walker, founder and CEO, Hummingbill said, “In starting Hummingbill, my vision was to address the problem of B2B payment collections for SMB suppliers in India through technology that improved their invoicing workflows. 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.”
Founded in 2015 by Anurag Jain, Manish Kumar & Puneet Agarwal. KredX connects SMEs with the Investors, the company assists these small and medium scale businesses to expand their working capital by a feasible connection with their appropriate investors. High exposure are guaranteed to the alternative investment class, where investors can earn high return with low risks at KredX.
The acquisition is expected to help the company in facilitating technological capabilities on the accounts receivables. Customer experience, optimize invoice delivery, tracking & follow-up are also to be enhanced.
Anurag Jain, co-founder and executive director, KredX, said in a statement, “We continue to look out for opportunities…that can help us improve customer experience, technology and functional capabilities. Hummingbill checks all boxes and Adam [Adam Walker, founder and CEO of Hummingbill] is definitely a quality asset for our team.”
Four months ago in October 2016 the company was able to secure $6.25 Mn (40Cr) led by Sequoia Capital in a Series A funding with participation from existing investors Prime Venture Partners, who invested ₹5 Crores in April 2016. KredX sees the invoicing discounting market $100 Bn opportunity.