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Barclays leads funding for blockchain-based invoice exchange

British bank Barclays has led a $5.5 million Series A funding round for Crowdz, a Silicon-Valley startup involved in developing a blockchain-based invoice exchange, which will be a major step in revolutionizing the $9 trillion receivables market globally. The funding round was co-led by Bold Capital Partners and joined by TFX Capital Partners, Techstars Ventures and First Derivatives. The funds will be used for product development, marketing and sales and recruitment. Crowdz is involved in digitization efforts in the supply chain with its Invoice Exchange, with a built-in B2B payment gateway that allows companies of all sizes to automatically digitize invoices, speed up invoice-payment collections, accelerate the cash-conversion cycle, and automatically associate orders, invoices, and payments with one another. Crowdz had participated in Barclays’ 2018 Accelerator program, which also led to a partnership with Barclaycard.

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