Citi, Global Cleantech Capital lead Crowdz' USD 10 mln investment

Thursday 12 May 2022 11:10 CET | News

SME finance platform Crowdz has secured USD 10 million in investment.

Citi’s investment was coordinated by the Spread Products Investment Technologies (SPRINT) team, the strategic investing arm of the bank’s Global Spread Products division. Existing investor Global Cleantech Capital, a Netherlands-based growth equity firm, joined Citi in leading the round. Existing investors Bold Capital Partners, TFX Ventures, and Augment Ventures also participated, bringing Crowdz’s total capital raised to USD 25.5 million.

The current state of the supply chain cycle for SMEs is defined by fragmentation and delays, inefficiencies which cost them over USD 3 trillion annually. Crowdz integrates with SMEs’ accounting, payment processing, and banking systems to allow SMEs to get paid early. The platform includes proprietary risk scoring that gives banks, financial institutions, and DeFi lenders access to risk-adjusted, diversified returns, while helping to plug the SME finance gap. 

Crowdz and Citi plan to collaborate to give small and medium enterprises (SMEs) rapid and efficient access to the working capital needed to keep their businesses running. Citi has a longstanding commitment to expanding access to capital and inclusive financial services. Through its USD 200 million Impact Fund, Citi deploys its own capital to make equity investments in ‘double bottom line’ US-based private sector companies that are applying innovative solutions to help address some of society's most pressing challenges.

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Keywords: investment, e-invoicing, accounts payable, accounts receivable, Citi
Categories: Banking & Fintech
Companies: Crowdz
Countries: World
This article is part of category

Banking & Fintech


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