UAE-based Invoice Bazaar has received undisclosed funding from Shirish Apte, former CEO and Asia Pacific Chairman of Citigroup. The financial details have not been disclosed. Post the transaction, Apte has joined the advisory board of the startup.
Invoice Bazaar aims to bridge the supplier-buyer relationship, by digitizing the transactions which are done manually. This process helps in providing finance to a supplier by actually taking buyer-risk. Its technology platform provides supply chain finance, dynamic discounting and receivables finance. Invoice Bazaar Supply Chain Finance (SCF) connects large suppliers with SME suppliers which allow them to get early payment on their receivables. Shirish, commented,
Having seen the business model of many fintech startups that continue to pitch, I found the business model of Invoice Bazaar compelling, as it complements banks’ offering rather than trying to compete with banks. The marriage of banks with, fintech in my opinion, is the model of the future.
Invoice Bazaar was founded in Dubai by IIM-K alumnus Anand Nagaraj, and has now expanded its operations to India and Singapore where the fintech startup is trying to emulate the UAE model.
The startup’s core team is formed by ex-bankers who are working to make things easier for businesses. They had observed and understood that offerings of financial institutions are too complex for the customers to use.
Apte, is a Chartered Accountant from the Institute of Chartered Accountants of England & Wales and has done MBA from the London Business School.
Post that, he was appointed as CEO for CEEMEA (Central Eastern Europe Middle East and Africa) region from 2003 to 2009, before becoming CEO for Asia Pacific in 2009. He was also a member of Citigroup’s Executive and Operating Committees as well as chairman of Citi Asia Pacific Banking until he retired in 2014.
