Online invoice discounting marketplace KredX on Thursday announced the acquisition of New York-headquartered accounts receivables management software startup Hummingbill for an undisclosed sum.
The acquisition will help KredX -- founded by IIT-Kanpur alumni Manish Kumar and Anurag Jain and Stanford alumnus Puneet Agarwal in Bengaluru in 2015 -- enhance its technological capabilities on accounts receivables side along with the addition of the talent pool from Hummingbill, the company said in a statement.
"KredX is a technology company and we continue to look out for opportunities to collaborate with teams/companies that can help us improve our overall customer experience, technology and functional capabilities," said Jain, Co-Founder and Executive Director, KredX.
KredX essentially is a connecting point for credit-worthy MSMEs to raise working capital, against their unpaid invoices, from individual financers. The financers, in return, receive an opportunity to earn above average financial returns on investments within few days.
KredX also aims to enhance its customer experience, optimise invoice delivery, tracking, follow-ups and reconciliation using the applications designed by Hummingbill.
"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," added Adam Walker, Founder and CEO, Hummingbill.
KredX, the trade name of Minions Ventures Private Limited, is an online bill discounting platform where creditworthy SMEs can get their invoices discounted through a network of investors for a short tenure of 30-60 days.
Hummingbill is a B2B invoice platform that helps vendors and enterprises run more efficiently using email plugins to improve invoicing, workflow and supplier financing.
"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," said Kumar, Co-Founder and CEO, KredX.
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