India’s leading invoice discounting startup KredX has announced the acquisition of New York-based management software Hummingbill. The details about the acquisition have undisclosed. This acquisition will help the Indian startup to improve its technological capabilities on Accounts Receivables side along with the addition of the talent pool from Hummingbill.
About the startups:
KredX is a Bangalore-Based startup, founded in the year 2015 by Anurag Jain and Manish Kumar. The startup is an Indian invoice discounting platform that provides short-term investment opportunities to small- and medium-sized enterprises in the country.
The startup partners with banks, accounting firms, and law firms to ensure all aspects of the service are compliant with regulations and ensure consumer protection at all times. The total equity funding is $7 Million. The investors for the startup are Prime Venture Partners (seed Funding) and Sequoia Capital (Series A).
Hummingbill is a New York-based Management Software startup founded in the year 2014 by Adam Walker. The startup is a B2B invoice platform that helps vendors and enterprises run more efficiently, using email plugins to improve invoicing, workflow and supplier financing. They provide Electronic invoicing, Accounts receivable management, Accounts Payable, reducing their cost of shared services and improving vendor relations.
On the acquisition, Adam Walker, Founder, and CEO, Hummingbill said:”With the acquisition of Hummingbill, we are combining what we built in 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.”
The entire team HummingBill will now join KredX and the 500 merchants on its platform will be onboard in the merged entity.
Manish Kumar, Co-Founder, and CEO, KredX said, “Adam and Hummingbill are a welcome addition to Team KredX. Adam and his team have built an amazing product that helps companies in tracking their receivables. These receivables, in turn, can be an input to the KredX’s receivables discounting offering”.
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With this acquisition, KredX also aims to enhance its customer experience, optimize invoice delivery, tracking, follow-ups and reconciliation using the applications designed by Hummingbill. Read more Fintech News