The acquisition will provide the alternative finance company ApexPeak a footprint in the Middle East and will complement its presence in other emerging markets, such as Southeast Asia and Africa.
Cashnomix has recently completed a prototype credit scoring algorithm for invoices, as well as growing a deal book in the United Arab Emirates (UAE) worth USD 1.2 million in small business receivable purchases.
Sujith Kurup will assume the role of managing director of Middle East operations, and roll out ApexPeaks suite of working capital products in the Dubai market first, before exploring growth in other parts of the UAE.
Cashnomix is a cloud-based platform that enables small businesses in the UAE to ease short-term cash by receiving early payment on invoices.
Founded in 2013, ApexPeak is an emerging markets-focused working capital provider based in Singapore. ApexPeak deals directly with businesses as well as those transacting on electronic invoicing networks. ApexPeak has financed transactions in approximately 25 emerging market countries to date.
In December 2014, PrimeRevenue, a US-based SaaS supply chain finance (SCF) platform operator, has signed a strategic partnership with ApexPeak.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now