KredX, one of the leading invoice discounting platform, has today announced the acquisition of New York-headquartered Accounts Receivables Management software startup Hummingbill for an undisclosed sum.
This acquisition will help KredX enhance its technological capabilities on Accounts Receivables side along with the addition of talent pool from Hummingbill. The company also aims to enhance its customer experience, optimize invoice delivery, tracking, follow-ups and reconciliation using the applications designed by Hummingbill.
Commenting on this, Anurag Jain, Co-Founder and Executive Director, KredX said,
KredX is a technology company and we continue to lookout for opportunities to collaborate with teams/companies that can help us improve our overall customer experience, technology and functional capabilities. Hummingbill checks all boxes and Adam is definitely a quality asset for our team.
Adam Walker, Founder and CEO, Hummingbill, said,
In starting Hummingbill, my vision was to address the problem of B2B payment collections for SMB suppliers in India through technology that improved their invoicing workflows. With the acquisition of Hummingbill, we are combining what we built 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.
KredX helps businesses meet their short-term working capital needs by facilitating discounting of their unpaid invoices to a network of buyers and investors including banks, NBFCs, wealth managers and retail investors.
The company helps MSMEs manage their cash flow by unlocking the cash tied up in invoices that otherwise takes an average of 30 to 90 days to be cleared by the enterprises. It enables investors to channelize their funds optimally by providing access to risk mitigated, high yield and short-term investment opportunities that are not tied to the uncertainties of the stock market.
The company was formerly known as Mandii, and was founded in 2015 by IIT & Stanford alumni Manish Kumar, Anurag Jain & Puneet Agarwal. Last year, the company had raised $6.25 million in its Series A funding round, led by Sequoia Capital India, along with the company’s existing investor — Prime Venture Partners, an early-stage investment firm.