Crowdz Blockchain Invoice Exchange Secures $5.5 Million Led By Barclays Bank and Bold Capital
Barclays Joins $5.5 Million Funding Effort for Blockchain Invoicing Firm
In the last few months, many key players from other non-crypto industries have shown considerable interest in the cryptocurrency sector. Some of the biggest firms in the world have been paying attention to the sector for a while and are now making serious moves to get in, with the most recent being Barclays Bank.
The Barclays bank, one of the biggest international banks in the world, has led a funding with Bold Capital Partners, an international technology investment firm, to support Crowdz, a blockchain start-up for global invoice exchange. This was made known through an official press release on the 28th of May.
Changing the Face of Invoicing
Based in Silicon Valley, Crowdz aims to revolutionize invoicing by automating all processes which have been manual before now. The platform is expected to digitize invoices and also make payment settlements a lot faster because everything from linking orders to customers and merchants and also converting cash, will be a more efficient and will now see unprecedented speed and accuracy.
Crowdz will also feature an auction platform that will make it easy for companies to finance other projects and ideas, and invoice properly. This eases up the process of investor financing because both fund seekers and the investors will not need to file any additional documents and will achieve their individual ends more conveniently and much cheaper.
Speaking on the benefits of Crowds, Payson E. Johnson who is the co-founder and CEO, said:
“While companies of all sizes can benefit greatly from our global Invoice Exchange, we founded Crowdz with the goal of ensuring that all small and midsize enterprises (SMEs) in particular have access to the cashflow they need in order to survive and grow. Unfortunately, millions of these companies – which account for 75% of global B2B commerce and which need invoice financing the most – have long been excluded from the market. We are pleased to have Barclays and Bold as our strategic partners as we accelerate this journey.”
The funding was also supported by a few more firms including Techstars Ventures, First Derivatives and TFX Capital Partners.
Crowdz, as well as all its investors are looking forward to an opportunity to “disrupt” the current flow of things especially in a sector that hasn’t had much change or growth in a very long time. Kevin Hopkins, a former White House economist and now the Chief Strategist at Crowdz, explained that invoicing began more than 3,000 years ago and up till now, even though we’re in a digital age, at least 90% of the world’s invoices are still manually processed. According to him, this is an amazing opportunity for Crowdz.
This isn’t the first time Barclays is getting involved with blockchain technology. A few months ago, the banking giant and about 38 other participants including the Royal Bank of Scotland (RBS), joined efforts to use blockchain to reorganize the real estate industry with specific regard to purchase. Using, R3’s Corda platform through the Instant Property Network (IPN) firm, this solution could save the global real estate sector as much as $160 billion.