One of the largest international banks based out of United Kingdom, Barclays, is in the titles of many best cryptocurrency news sites for leading a new funding round in the blockchain space. According to an official press release published on May 28, the bank has partnered with a technology investment firm called Bold Capital Partners and led a $5.5 million funding round for the fintech firm Crowdz’s blockchain-based global invoice exchange.
The report also shows that the blockchain based technology is designed to help make invoice processing a lot more efficient by simply digitizing and automating what is known as manual processes. The technology will also automate the process of finding financiers and sending them invoices, which is why Barclays bank is interested in it.
Payson E. Johnston, who is the CEO of Crowdz, has emphasized the importance that the speeder invoice processing has – especially for small and medium-sized enterprises (SMEs). He was quoted in the latest cryptocurrency news for stating the following:
“Today, small and midsize businesses often have to wait for a financially crushing 90 to 120 days or more to get paid. It’s no wonder that more than half of them suffer cash-flow problems during any given year. However, with the Crowdz Invoice Exchange, these often struggling companies can get paid within a few days or less-at rates usually far less than available elsewhere in the market.”
Aside from receiving the investment from Barclays bank and BOLD, the funding round which is valued at $5.5 million was also financed by TFX Capital Partners, Techstars Ventures, and First Derivatives. The financial backing, as the altcoin news show, will apparently be used for product development, marketing, sales, and hiring for Crowdz.
Meanwhile, Crowdz’s mission to disrupt the payments industry is also linked with support for financial innovation at Barclays Bank, as reports show.
“Crowdz is pushing the boundaries of B2B payments with its revolutionary Invoice Exchange. Our team is excited to see them enter this next phase of growth, and look forward to supporting them further as they work to disrupt the payments industry, providing a superior service to our customers and clients,” said John Stecher, Chief Technology and Innovation Officer at Barclays Bank.
Meanwhile, Barclays bank has joined a trial in April this year in which it tested using blockchain technology to streamline real estate transactions. The trial was in partnership with Instant Property Network and used the Corda blockchain platform developed by the blockchain-oriented software consortium.
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