Company said the platform caters to SMEs and offers a way to on-board borrowers
VANCOUVER—Citrusxchange Inc., a Canadian Fintech start-up, has launched a blockchain-based platform and is set to roll it out soon. The company’s platform caters to small- and medium-sized enterprises seeking supply chain financing and invoice financing. The platform was developed under 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 the UAE. It will further its operations within North America as well.
Kwikxchange said the platform offers a way to on-board borrowers and is faster than conventional methods used to apply and submit requirements for supply chain and invoice financing products.
Through the digital platform, SMEs from anywhere can apply for a loan from multiple lenders and banks by visiting www.kwikxchange.com. SMEs are able to get near-instant access to financing, the company said. Connectivity to credit agencies supports the on-boarding process with detailed credit reports. An inbuilt scoring engine does a quick calculation of the forecasted business, enabling underwriters to make quick decisions.
The solution also caters to account receivable insurers to help mitigate risk for SMEs against bad debts. The platform has a single-page dashboard for transacting which enables the borrower and lender to interact.
The new platform enables banks and non-banking finance companies to digitally transform.
The company says it plans to enhance the platform functionality in the next six months and hopes to assist in decision making for lenders using smart contracts, AI and machine learning.