CHARLOTTE, N.C., Jan. 13, 2022 (GLOBE NEWSWIRE) — Fintech company Quartix, who provides a SaaS platform that unlocks digital Supply Chain Finance solutions to mid-size industrial companies, announced today it has successfully secured a $20M funding facility from two Fintech credit funds with a potential to increase the credit facility.
This facility will allow Quartix to support increased demand for digital, affordable credit products that provide flexibility for US clients and their eligible vendors to make payments or collections whenever they want, regardless of payment terms. Covid-19 significantly boosted demand for this flexibility among manufacturers and distributors due to pressured corporate cash flows and supply chains.
“Mid-market clients ($25M-$2B) are mainly served by traditional banks that offer secured, committing credit products. Clients’ cash flow needs are changing rapidly, and traditional bank products aren’t catching up. Quartix adds a real-time, on-demand layer to cash flow management. Our unsecured credit products complement and co-exist with traditional bank credit lines allowing CFOs and treasurers to better plan their cash flow, overcome temporary cash crunches and unlock cash from their supply chain,” said Dror Polak, CEO of Quartix.
Noam Mani, Quartix’s CRO adds: “Supply chains are under immense pressure these days. Payment terms are a win-lose for clients and their vendors. This is a constant source of friction. Quartix makes this a win-win allowing procurement professionals to improve vendor relations, support key vendors, reduce vendor friction and avoid supply disruptions. It’s easier for vendors to do business with clients that use Quartix.”
Advanced trade-finance products were previously available exclusively to Fortune 1000 companies. By unlocking digital real-time products to middle-market clients, Quartix democratizes Supply Chain Finance and levels the playing field, thereby allowing smaller companies to better compete with Fortune 1000 giants. Real-time data is used to optimize products to cater to actual client / vendor needs at affordable rates – offering unsecured credit lines of up to $10M.
John Fox, CCO of Capital Foundry Funding, that led the funding round, noted that: “On-demand credit products that cater to real-time trade events bridge a real gap that exists in the middle-market today, as Quartix’s rapid growth demonstrates. We’re happy to continue and support this growth. By catering to industrial supply chains, Quartix gains data and scale advantages that will enable it to become a Fintech leader in the underserved middle-market segment. We are very pleased to support the growth of Quartix, a very valued partner.”
Founded in 2017 and based in Charlotte, NC with offices in Ramat Gan, Israel, Quartix’s (www.GoQuartix.com) SaaS cloud connects middle-market buyers, their vendors, and institutional investors, allowing buyers and vendors to pay or collect invoices whenever they want, regardless of payment terms.