The blockchain industry is expected to expand in the foreseeable future. However, it surely requires support from traditional giants. Barclays Bank is one such traditional stalwart bank which has stepped in the DLT game with a long-term objective.
The UK based bank has recently led a $5.5 Million funding for blockchain start-up Crowdz’s invoice exchange. The blockchain based invoice exchange will digitalize and automate the recurring traditional manual invoicing processes. Invoice Exchange is now being touted to disrupt the invoicing industry, with receivables crossing $9 Trillion globally.
Apart from Barclays Bank, the funding was also led by BOLD Capital Partners, and other investors included TFX Capital Partners, First Derivatives, and Techstars Ventures. The $5.5 Million raised will be utilized for product development, hiring key individuals, marketing, and sales.
Innovation in the blockchain space has been growing. However, lack of capital banking has forced many capable start-ups to shut down. Big players like Barclays Bank coming onto the scene and funding innovative blockchain solutions will give the much-required capital push to the industry. These funds will also help companies to cover nice markets, and encourage small and medium-sized industries for blockchain adoption.
Commenting on the recent funding, Crowdz CEO, Payson Johnston said,
While companies of all sizes can benefit greatly from our global Invoice Exchange, we founded Crowdz with the goal of ensuring that all small and midsize enterprises (SMEs) in particular have access to the cash flow they need in order to survive and grow.
He further added that though these companies account for 75% of global B2B commerce, they have been kept away from the market, though they were in dire need of capital assistance.
Barclays Bank’s Chief Technology and Innovation Officer, John Stecher stated that Crowdz was revolutionizing B2B payments with its innovative Invoice Exchange. He further said,
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.