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Bengaluru-based invoice-discounting platform KredX has acquired Hummingbill a New York-headquartered Accounts Receivables Management software startup. The amount of the deal remains undisclosed.
Commenting on the acquisition, Adam Walker, founder and CEO, Hummingbill said, “In starting Hummingbill, my vision was to address the problem of B2B payment collections for SMB suppliers in India through technology that improved their invoicing workflows. With the acquisition of Hummingbill, we are combining what we built the last 2 years with KredX’s invoice-discounting platform to provide Indian SMBs an even more complete discounting and technology solution to address their regular cash flow gaps.”
Founded in 2014 by Adam Walker, Hummingbill is a B2B invoice platform. It helps vendors and enterprises using email plugins to improve invoicing, workflow, and supplier financing. Hummingbill’s software automates receivables by sending follow-ups to customers, generating aging reports, and providing sales teams personalised access to their customers’ outstanding invoices inside of Gmail. With this move, Hummingbill’s four-member team along with founder Adam Walker will join KredX.
On the other hand, KredX was founded in 2015 by Manish Kumar, Anurag Jain, and Puneet Agarwal. It is an online invoice discounting platform that connects creditworthy SMEs looking to raise working capital, to individual investors looking for opportunities to earn above-average returns. With this acquisition, it will get a chance to enhance its technological capabilities on Accounts Receivables.
KredX also aims to enhance its customer experience, enhance its technological capabilities on Accounts Receivables, optimise invoice delivery, tracking, follow-ups and reconciliation using the applications designed by Hummingbill.
Earlier in October 2016,the X-based startup had raised about $6 Mn (INR 40 Cr) Series A funding led by Sequoia Capital India along with existing backer, early-stage investment firm Prime Venture Partners. In April 2016, it raised $750K from Prime Venture Partners.
The global fintech software and services sector is expected to boom into a $45 Bn opportunity by 2020, growing at a compounded annual growth rate of 7.1% as per Nasscom. The Indian fintech market is forecasted to touch $2.4 Bn by 2020, a two-fold increase from the market size currently standing at $1.2 Bn. Other players in this segment include LenDenClub, Loanzen, KountMoney, Faircent.com, LoanCircle, Capzest, etc.
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