AREX pushing to UK market, raises 3 mln euros
Summary
Invoices marketplace AREX has raised 3 million euros from Lifeline and LocalGlobe’s Robin Klein for further product development and to underpin its 2017 launch into the British market. A team of serial entrepreneurs with wide-ranging experience in fintech, financial services and database architecture at Maventa (electronic invoicing), Wall Street Systems (FX and treasury), J.P. Morgan and Skype, AREX – which stands for ‘Account Receivables Exchange’ – is working on transforming the way cash-squeezed small- and mid-sized firms access short-term finance. They are a team with proven pedigree and a huge mission in a market that’s poised for enormous change – and we’re very excited to be working with them,” said LocalGlobe’s Robin Klein. Many of the larger players have extended their own payment terms, meaning that SMBs are increasingly facing situations in which their suppliers are asking to be paid immediately, whereas their customers are taking 90 days to pay them. SMBs are increasingly finding that borrowing against unpaid invoices is one of the most effective ways to enhance their cash flow, said AREX’s founding CEO Kim Forsman.