CredibleX and Fracxn partnered to provide small- to medium-sized businesses (SMBs) with access to a variety of financing solutions.
With this collaboration, Fracxn’s instant financing solutions for SMBs will be added to the financial solutions offered by CredibleX, the companies said in a Monday (Aug. 5) press release.
“Together, we simplify access to financing and provide businesses with the tools they need to manage their finances efficiently and effectively,” CredibleX co-founder and CEO Anand Nagaraj said in the release.
The key solutions include receivables financing, in which SMBs receive money against unpaid invoices from their clients, and revenue-based financing, in which SMBs receive money against their expected future revenue through online platforms, according to the release.
The collaboration also offers payables financing, in which SMBs’ invoices are paid fully on large, bulk payments and repayments are made in the future, and buy now, pay later (BNPL) for business, in which SMBs can make large purchases and repay over time, the release said.
SMBs get instant settlement, receiving their funds immediately, per the release.
“At Fracxn, our mission is to empower [SMBs] with secure and seamless instant financing and settlement solutions,” Fracxn founder and CEO Punit Thakker, said in the release. “Partnering with CredibleX allows us to extend our capabilities and provide a more holistic financial solution to [SMBs], helping them overcome cash flow challenges and focus on growth.”
In an earlier collaboration, CredibleX said in January that it teamed up with Qashio to provide financing to businesses in the Middle East and North Africa (MENA) region.
The partnership brings together Qashio’s corporate cards and expense management solutions and CredibleX’s embedded finance platform, providing Qashio’s customers with immediate approvals and disbursements, competitive rates and a user-friendly application process.
Another offering for SMBs was introduced in April, when Rapid Finance teamed up with Galileo Financial Technologies on a small business financing solution based on Rapid Finance’s Rapid Access Mastercard program, which is managed by Galileo and sponsored by Galileo’s parent company, SoFi Technologies.
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