The partnership allows Rakbank to participate as a receivable purchaser on SCF transactions on the Invoice Bazaar platform.
Invoice Bazaar connects large buyers with SME suppliers so that they may make early payment on their receivables. The liquidity required for these early payments is provided by receivable purchasers. Thus far the company has been successful in attracting funds from the likes of UK-based impact investment company Advance Global Capital and Shirish Apte, former CEO and chairman of Asia Pacific at Citi. Rakbank is the first bank to provide liquidity.
The first transaction under the partnership has already been completed. In the initial phase, five SCF programmes are under implementation.
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