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The Receivables Exchange raises $ 7.75 Million
By siliconindia
New Orleans: The Receivables Exchange, the world's first online marketplace for real-time trading of accounts receivable, has closed $7.75 million in series B financing led by Redpoint Ventures with re-investment from Prism Ventureworks. Through The Receivables Exchange's proprietary trading platform, small and mid-sized businesses (Sellers) are able to quickly and easily monetize their accounts receivable by posting their outstanding invoices to be bid on in real-time by a global network of accredited institutional investors.
The company will use the funding to expand its broad scale marketing and business development efforts to small and mid-sized businesses (SMBs); to continue to evolve its patent-pending trading platform; and to aggressively scale its operations and sales activities.
Justin Brownhill, Co-founder and CEO of The Receivables Exchange, said, "Redpoint Ventures' deep experience and industry track record of bringing pioneering technologies such as Concur, LoopNet, MarketAxess and MySpace to the marketplace will be invaluable as we continue to scale this company."
"By creating an open, efficient and competitive marketplace for receivables financing, The Receivables Exchange is transforming an $18 trillion marketplace," said Jeff Brody, founding partner of Redpoint Ventures.
"Small and mid-sized businesses are the engine of the U.S. economy," said Nic Perkin, co-founder and president of The Receivables Exchange. "Yet, they remain severely disadvantaged when it comes to being able to obtain the capital they need to run their businesses. The Receivables Exchange allows thriving but under-capitalized businesses to source capital so they can get back to building their business," he said.
