Quartix has secured $15 million in new funding led by Conn.-based SR Alternative Credit, (formerly Old Hill Partners), besides securing a new credit line of up to $50 million, the fintech said Friday. The North Carolina firm has previously raised $20 million from investors, such as New York-based Stacked Capital and Pittsburgh, Pa.-based Capital Foundry.
The Charlotte, N.C.-based company has built a SaaS platform to create innovative supply-chain finance solutions beyond standard industry terms. Quartix notably helps mid-sized buyers — those with annual sales between $25 million and $1 billion — to optimize cash flows, and manage payments and collections from investors and institutions.
“Mid-market clients experience evolving cash flow needs. Traditional banking products fall short, and advanced solutions were previously limited to Fortune 1000 firms,” said Quartix co-founder and CEO Dror Polak, a former Citi and BNP Paribas executive.
“Quartix provides mid-market buyers with advanced digital working capital products. Our digital platform, fueled by real-time payable data, complements traditional bank credit lines, providing CFOs and treasurers with digital tools for effective cash flow management and supply chain capital optimization,” he added.
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In 2017, Polak and chief revenue officer Noam Mani co-founded Quartix in Israel in a quest to “democratize” supply-chain financing, as Mani termed it. The duo moved the company’s headquarters to Charlotte when it was accepted to the Queen City Fintech accelerator.
Mani has degrees in electrical and system engineering, and previously co-founded cybersecurity firm GateKeeper. He served as Quartix’s CEO before handing the reins to Polak. In two stints at Citi, Polak served as vice president of commercial banking in London, and later headed Treasury and Trade at the bank’s Israeli offices. At BNP Paribas, Polak served as trade manager.
SARC’s chief investment officer, Peter Faigl, said Quartix’s success reflects the growing demand for on-demand credit in the middle-market segment. Quartix’s “strong credit portfolio performance demonstrates the team’s ability to seize these opportunities,” he said, adding that the company’s has advantages in both data and scale.
