Crowdz Secures Additional $10MM Investment
Citi plans to collaborate with Crowdz to grow its recurring revenue finance business, a $170 billion opportunity that is largely untapped, and expand its receivable financing marketplace. On the heels of this financing, Crowdz has secured significant forward flow lines to supply increased demand for SME receivable financing on its marketplace.
Citi joins a growing list of high-profile corporate entities partnered with Crowdz, including Meta (formerly Facebook) and EG Funds Management. Meta has committed $100 million to finance diverse-owned businesses in the US. EG Funds, an Australian fund manager with $5.1 billion under management, is currently setting up a whitein Asia Pacific.
Additionally, a number of clients, including the City of Detroit and AngelsDen, utilize a white-labelled iteration of the Crowdz platform to provide access to working capital for SMEs that impact and power everyday communities, from family-owned businesses to up-and-coming startups across the US and Europe.
Payson E. Johnston, CEO and co-founder of Crowdz, said: “I am excited to announce Crowdz has closed a $10 million round led by Citi with participation from our current investors, including Augment Ventures. Crowdz is focused on expanding the dollar amount of receivables financed from $50 million to $1 billion over the next year. We have several exciting product releases along the way, including 1) a marketplace for tokenized receivables, 2) the ability to launch white labels in less than an hour, and 3) expansion into Australia.”
See the Citi press release here.
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