Dubai, UAE-based fintech startup Invoice bazaar, has lately shared that the company is set to get acquired by Singapore-based Triterras Inc., a leading fintech company that deals in trade finance.
Through this acquisition, Triterras will leverage Invoice Bazaar to operating and building the customer base of its ‘Supply Chain Finance’ module and Triterras will acquire certain related intellectual property rights which will integrate into its Kratos platform.
Founded in 2016, Invoice Bazaar attempts to bridge the supplier-buyer relationship, by digitizing the transactions which are done manually in the real world. This digitization helps in providing working capital finance to SMEs. Following the acquisition, which is set to close on or around April 30, 2021, the startup will continue to operate under its current brand under the Triterras umbrella. Invoice Bazaar also has a strong network with local banks in the UAE.
Speaking of the projected development, Srinivas Koneru, Triterras Chairman & CEO, said,
“We are excited to partner with such an exceptional team and accelerate several of our growth goals. This transaction establishes a strategic presence for us in the Middle East with a UAE-approved regulatory structure already in place, allowing us to operate immediately upon closing. Over time, we anticipate integrating Invoice Bazaar’s leading supply chain finance capabilities into our Kratos ecosystem,”
“In addition, Invoice Bazaar brings to us a robust origination pipeline with enterprise-level clients. With each of Triterras and Invoice Bazaar possessing deep networks within our respective markets and offerings, we anticipate many potential synergies will emerge once we are fully integrated.” – added Koneru
Anand Nagaraj, Co-Founder & CEO of Invoice Bazaar, said,
“We are grateful for the confidence that the Triterras team has placed in us. We believe that with this transformative transaction, Triterras’ strong lender relationships in the global marketplace combined with our enterprise relationships will enable us to deploy innovative Receivables and Supply Chain Finance solutions across the Middle East market. From the beginning of our discussions, it was clear that we had an aligned mission: to digitize a centuries-old form of finance in much need of modernization. Our combination leads us closer to that goal.”
Speaking of the Kratos, Nagaraj added,
“Triterras’ award-winning Kratos platform and a global network of trader and lender relationships will allow Invoice Bazaar to offer substantially more financial resources and value-added services to our clients and suppliers. We are thrilled at the prospects ahead for our team.”