Crowdz, an invoice financing marketplace, and Western Union, a global leader in cross-border, cross-currency money movement and payments, have announced a strategic partnership that will enhance Crowdz’ receivables financing capabilities in support of the company’s expansion efforts.
Photo: Crowdz CEO and co-founder, Payson Johnston
Crowdz provides technology that enables small businesses to sell invoices to funders for financing, which helps reduce cash flow bottlenecks and gives small businesses working capital to survive and thrive. The company will now integrate its online auction place with Western Union Business Solutions WU® Mass Payments and incoming APIs to help ensure both domestic and international payables and receivables are fast and cost efficient.
Partnering with Western Union Business Solutions means that funders can use Crowdz’s online platform to purchase an SMB’s invoice by paying directly into a holding balance. Funds are then forwarded to the SMB who sends the payment back to the funder via the incoming API once their customer has paid in full.
The partnership will help minimize the impact of fees and exchange rates on payments for Crowdz, which is undergoing a rapid growth phase. In the past 12 months Cowdz has secured $7 million in venture capital from names including Global Cleantech Capital, Bold Capital Partners, and Techstars. Partnering with Western Union Business Solutions will also help Crowdz scale its business internationally via a financial network spanning 200 countries and territories.
“We are excited to help Crowdz expand the service it provides to SMBs, who are significant contributors to the global economy,” said Roy Farah, Regional Vice President the Americas at Western Union Business Solutions. “Cash flow and working capital are particularly vital for SMBs, many of whom operate with tight resources in an extremely competitive environment. We are thrilled to combine our payments technology with Crowdz’s innovation to help support the growth and success of small businesses and the people who depend on them.”
CEO and co-founder of Crowdz, Payson Johnston, said the integration was key to enhancing Crowdz’ sophistication, particularly given its focus on security as it aims to accelerate the speed of financing.
“In light of the pandemic, small businesses need efficient access to working capital more than ever. In the current economic climate, these businesses simply cannot afford to wait 90+ days to get paid. Crowdz is committed to creating sustainable, equitable financing models that allow the small businesses that power our communities to leverage their outstanding invoices and get paid immediately. Our partnership with Western Union Business Solutions directly supports this mission,” said Johnston.
For more information, visit crowdz.io.
About Crowdz:
Crowdz is modernizing invoice financing and invoicing practices, particularly for small and midsize businesses, to revolutionize the $9 trillion worldwide receivables market.
The platform offers an alternative financing solution for small businesses that often struggle to obtain traditional bank financing. Its technology, which enables small businesses to sell invoices for financing to funders, reduces cash flow bottlenecks and gives small businesses working capital to survive and thrive.
Founded in 2014, Crowdz is headed by its co-founder and CEO, Payson E. Johnston, who served for 18 years as global B2B supply-chain Senior Manager for Cisco. Crowdz has raised $13.8 million from investors including Bold Capital Partners, Barclays Bank, Augment Ventures, Global Cleantech Capital, TFX Ventures, and Techstars Ventures. Crowdz’s technologies are covered by multiple pending patents.
About Western Union:
The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement and payments. Western Union’s platform provides seamless cross-border flows and its leading global financial network bridges more than 200 countries and territories and over 130 currencies. We connect businesses, financial institutions, governments, and consumers through one of the world’s widest reaching networks, accessing billions of bank accounts, millions of digital wallets and cards, and over half a million retail locations. Western Union connects the world to bring boundless possibilities within reach.
For more information, visit www.westernunion.com.
Media Contact
Company Name: Crowdz
Contact Person: Sarah Wyman
Email: Send Email
Country: United States
Website: https://crowdz.io
