As part of the initial term sheet signed, AGC is committing AED4mn (about USD 1 million) as the first tranche towards the purchase of receivables – mainly targeted at the SME segment. The financing takes Invoice Bazaar’s total funds raised, including equity, close to USD 3 million.
Invoice Bazaar is an online platform built to connect SME suppliers to mid-sized and large buyers in the UAE. The platform helps suppliers to see the status of their invoices through the mobile app or cloud system, and provides an option to sell their invoices for cash, thereby helping them with their working capital cycle.
The platform supports the buyers by optimising their procurement process and provides the option to either opt for increasing days payable outstanding (DPO) or earning additional income by helping the SME suppliers.
According to the company, Invoice Bazaar is on track to purchase receivables worth USD 40 million in its first full year of operations.
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