Mosaic Ventures, which has fintech and SME financing expertise, and LocalGlobe led the round, joining existing investors Lifeline Ventures and angel investor Richard Laxer, former CEO of GE Capital. AREX had previously raised seed funding of EUR 3 million in 2016.
With this funding AREX has launched in the UK and Spain with its proprietary technology that delivers embedded lending into accounting systems, allowing SMEs access to a competitive financing marketplace. The AREX technology integrates into customers’ softwares and processes by using data to drive automation of the financing workflow.
The AREX platform opens up an alternative to traditional invoice financing, facilitating a live, algorithm-based trade that enables SMEs to get access to cash trapped in their debtor book and allowing professional investors to invest in SME assets directly without prohibitive transaction costs.
The global pandemic has put immense pressure on SME businesses, with many suffering from slow or frozen payments. AREX helps them by unlocking their time and cash flow, financing up to 95% of all invoices sent to the platform within 24 hours.
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