Digital credit products
This facility will allow Quartix to meet the increased demand for affordable digital credit products that provide U.S. customers and their eligible vendors the flexibility to make payments or collections whenever they want, regardless of payment terms. Covid-19 has drastically boosted demand for this flexibility among manufacturers and distributors due to pressurized cash flow and supply chains from businesses.
FinTech company Quartix, which provides a SaaS platform that opens up digital supply chain finance solutions to mid-market industrial companies, recently announced that it has successfully secured a $20 million funding facility. dollars from two FinTech credit funds with the potential to increase the credit facility.
“Middle market customers ($ 25 million to $ 2 billion) are mainly served by traditional banks that offer secure and engaging credit products. Customers’ cash flow needs are changing rapidly and traditional banking products are not catching up to them. Quartix adds a real-time, on-demand layer to cash flow management. Our unsecured credit products complement and co-exist with traditional bank lines of credit enabling CFOs and treasurers to better plan their cash flow, overcome temporary cash shortages and unlock liquidity from their supply chain,” said said Dror Polak, CEO of Quartix.
Noam Mani, CRO of Quartix, adds: “Supply chains are under immense pressure these days. Payment terms are a win-lose for customers and their suppliers. It is a constant source of friction. Quartix makes it a win-win solution for procurement professionals to improve supplier relationships, support key suppliers, reduce friction with suppliers and avoid supply disruptions. It is easier for suppliers to do business with customers who use Quartix.
Advanced trade finance products were previously available exclusively to Fortune 1000 companies. By unlocking real-time digital products for middle-market customers, Quartix is democratizing supply chain finance and leveling the playing field, enabling enabling small businesses to better compete with Fortune 1000 giants. Real-time data is used to optimize products to meet real customer/vendor needs at affordable rates, providing unsecured lines of credit of up to 10 million of dollars.
John Fox, CCO of Capital Foundry Funding, who led the funding round, noted that: “On-demand credit products that respond to real-time business events fill a real gap that exists in the mid-market today. , as demonstrated by the rapid growth of Quartix. . We are pleased to continue and support this growth. By addressing industrial supply chains, Quartix enjoys data and scale advantages that will allow it to to become a FinTech leader in the underserved segment of the mid-market We are very pleased to support the growth of Quartix, a valued partner.
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