InVoiceWorkx

Invoiceworx is working capital financing platform that provides access to inventory and purchase order financing for small businesses.

Invoiceworx is a trade finance platform that seeks to provide credit to SMEs for contracts and purchase orders and discount invoices for SMEs for early settlement from debtors. The demand for credit among small and medium enterprises (SMEs) presents an obvious opportunity for banks. But the supply does not match it. Sub-Saharan Africa is one of the most difficult regions in the world in which to access financing for SMEs. This unmet demand – the credit gap – is estimated at between US$70bn and $90bn in the region, according to a recently released report by the African Development Bank,”Financial Inclusion in Africa”. The provision of credit, including loans, overdrafts, leasing and trade finance, would need to increase by 270%-300% to close the credit gap, the report finds. Invoiceworx sees the above problem as a big opportunity. We have developed a credit vetting algorithm that allows us to vet credit applications within hours. Our customer experience journey is as follows: Register on the platform (information about you and your business) Request finance by telling us about the contract/purchase order and upload documents. We verify the purchase order with the ordering party for authenticity. Our system scores your application and we either accept or reject your application. When approved disbursement will happen. Outstanding debt will be collected either daily, weekly or monthly.