Dubai-based Invoice Bazaar has reportedly made an undisclosed investment in to online ODeX.
The company made this strategic investment to help grow its own presence in the shipping market, according to various reports in the media.
Invoice Bazaar is a supply chain financing platform that helps connect SME suppliers with large buyers to help them receive payments early on their future invoices. The company also provides liquidity to SME suppliers.
India-headquartered ODeX is an online document exchange platform for the shipping industry, offering a single location for e-invoicing, e-payments, e-delivery and e-verification and submission. The platform enables companies to accept online payments with daily, weekly and monthly reports on expenditure.
Its invoicing solution offers automation and management tools for invoice payments and collection. Clients are able to create, request and track the state of invoices from a single dashboard that also shows any that are paid or unpaid.
Invoice Bazaar picked up its own undisclosed investment last year, with contributions from Citigroup Asia-Pacific CEO Shirish Apte.
Earlier in the year, Investly moved past the halfway mark for its crowdfunding campaign on Seedrs which is targeting £500,000. The company offers invoice financing solutions to help companies pay for bills when they are needed, and then pay them back over the course of six months.
Last year, Dubai and Australia’s regulators formed an agreement to cooperate on FinTech and support the sharing of information between the two regulators, to support and promote the industry.
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