Citrusxchange Inc has announced the launch of its Blockchain based platform, Kwikxchange, that caters to small and medium enterprises seeking supply chain financing and invoice financing.
Citrusxchange is a Canadian Fintech start-up company.
Its newly launched platform Kwikxchange was developed under the prestigious Co-Innovation Lab Program of SAP SE Germany. The company is set to expand into India, Kenya, Indonesia and UAE, and will further its operations within North America as well.
Kwikxchange offers a seamless and convenient way for on boarding borrowers, and is significantly faster than the conventional methods used to apply and submit requirements for supply chain and invoice financing products offered by various banks and other finance companies.
Through the digital platform, SMEs from anywhere can apply for a loan from multiple lenders and banks by simply visiting kwikxchange.com. SMEs are not only able to get near-instant access to financing but are able to better focus on running their business as well. A seamless connectivity to Credit agencies supports the quick onboarding process with detailed credit reports. An inbuilt scoring engine does a quick calculation of the forecasted business enabling underwriters to make quick decisions.
Why Kwikxchange Targets SMEs
According to Citrusxchange, SMEs are the backbone of global economies with a credit gap of around $2 trillion. The platform will help further boost the growth and competitiveness of SMEs globally and in turn enable them actively participate in the growing digital economy worldwide.
The solution also caters to account receivable insurers to participate in the platform to help mitigate risk for SMEs against bad debts. The platform has a unique single page dashboard for transacting which enables the borrower and lender to seamlessly interact and enables quick decision making.
The new platform enables banks and non-banking finance companies to digitally transform, in turn helping to bridge the divide for businesses all around the globe. Digitization levels the playing field for all, and opens new opportunities for everyone to take part in the growing modernization of economies around the world.
The company plans to enhance the platform functionality in the next six months and hopes to assist in decision making for lenders using smart contracts, artificial intelligence & machine learning.
Citrusxchange Inc. is in the advanced stages of contracting with banks and finance companies around the world and operates under the very flexible Opex business model.