Invoice discounting startup KredX acquires Hummingbill
BENGALURU: Invoice discounting startup KredX has acquired Hummingbill, an invoicing platform for small and medium businesses, for an undisclosed sum to strengthen its technology capabilities. Hummingbill’s Gmail plugin product allows for automated tracking of invoices and cash-flow management.
KredX’s platform enables small merchants to sell their invoices raised against blue-chip companies at a discount to investors, banks and financial institutions to raise money for their working capital needs.
“Hummingbill will help us further to improve our customer experience, optimise invoice delivery, tracking, follow-ups and reconciliation using the applications designed by their team,” KredX executive director Anurag Jain said.
Hummingbill is KredX’s first acquisition. Jain also said that Hummingbill’s decision to integrate its accounts receivables management software with accounting software Tally “will help the merged entity get some very useful financial insights around our customers, which in turn will help improve our decision-making process and improve our conversion rate.”
American entrepreneur Adam Walker had started Hummingbill in Kenya in early 2014 but decided to move to a bigger market in India later that year. The firm operates out of Bengaluru while its parent company is headquartered in New York. “Small businesses are looking for a quick solution to their cashflow problems, and our integration with KredX will help offer an end-toend solution,” Walker told ET.
Hummingbill’s four-member team will join KredX and the 500 merchants on its platform will be onboarded in the merged entity.
KredX’s platform enables small merchants to sell their invoices raised against blue-chip companies at a discount to investors, banks and financial institutions to raise money for their working capital needs.
“Hummingbill will help us further to improve our customer experience, optimise invoice delivery, tracking, follow-ups and reconciliation using the applications designed by their team,” KredX executive director Anurag Jain said.
Hummingbill is KredX’s first acquisition. Jain also said that Hummingbill’s decision to integrate its accounts receivables management software with accounting software Tally “will help the merged entity get some very useful financial insights around our customers, which in turn will help improve our decision-making process and improve our conversion rate.”
American entrepreneur Adam Walker had started Hummingbill in Kenya in early 2014 but decided to move to a bigger market in India later that year. The firm operates out of Bengaluru while its parent company is headquartered in New York. “Small businesses are looking for a quick solution to their cashflow problems, and our integration with KredX will help offer an end-toend solution,” Walker told ET.
Hummingbill’s four-member team will join KredX and the 500 merchants on its platform will be onboarded in the merged entity.
