Platform caters to SMEs seeking supply chain financing and invoice financing
VANCOUVER—Canadian Fintech startup Citrusxchange Inc. has launched a blockchain-based platform and is set to roll out its platform soon. The company’s platform caters to small- and medium-sized enterprises seeking supply chain financing and invoice financing.
The platform was developed through the Co-Innovation Lab Program of SAP SE Germany. Accessible under the name Kwikxchange, the company is set to expand into India, Kenya, Indonesia and UAE, and will further its North American operations.
Kwikxchange offers a way to on-board borrowers, the company said. SMEs from anywhere can apply for a loan from multiple lenders and banks. Those enterprises can get near-instant access to financing. Connectivity to credit agencies supports the on-boarding process through credit reports. An inbuilt scoring engine calculates the forecasted business.
The solution also caters to account receivable insurers to participate in the platform to help mitigate risk for SMEs against bad debts. The platform has a unique single-page dashboard for transacting which enables the borrower and lender to seamlessly interact and enables quick decision making.
The company said it plans to enhance the platform functionality in the next six months and hopes to assist in decision making for lenders using smart contracts, artificial intelligence & machine learning.