Leading the round is Finland’s Lifeline Ventures, alongside London-based LocalGlobe, and various unnamed investors.
Currently launched in Finland but with plans to expand to the UK at the start of 2017, Arex is setting out to offer a solution for SMBs to access short-term finance.
At the same time, the startup has built an automated and algorithm-based trading exchange that lets an SMB set the discount at which they want to sell an outstanding invoice. Arex charges 0.25 per cent per invoice financed.
Arex is enabling both SMBs and the larger corporates to turn their unpaid invoices into cash.
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