Crowdz, a San Jose, CA-based fintech startup, closed a $5.5m Series A funding round.
The round was led by Barclays Bank and BOLD Capital Partners, with additional investments coming from TFX Capital Partners, Techstars Ventures, and First Derivatives.
The company intends to use the funds for product development, marketing, and sales, as well as key team hires.
Led by Payson E. Johnston, co-founder and CEO, Crowdz has advanced blockchain-based Invoice Exchange, with built-in business-to-business (B2B) payment gateway, which allows companies of all sizes to automatically digitize invoices, speed up invoice-payment collections, accelerate the cash-conversion cycle, and automatically associate orders, invoices, and payments with one another.
Additionally, through the proprietary auction platform, companies can submit their invoices for bank or investor financing without filing additional paperwork, and can receive offers from dozens of funders for financing at the lowest possible rates.