KredX Acquires US Startup Hummingbill

Bangalore-based invoice discounting company KredX said on Thursday (March 2) that it has acquired Hummingbill, a New York headquartered Accounts Receivables Management software startup, for an undisclosed sum.

This acquisition will help KredX to enhance its technological capabilities on accounts receivables side along with the addition of the talent pool from Hummingbill. KredX also aims to enhance its customer experience, optimize invoice delivery, tracking, follow-ups and reconciliation using the applications designed by the New York-based startup.

“KredX is a technology company and we continue to lookout for opportunities to collaborate with teams/companies that can help us improve our overall customer experience, technology and functional capabilities. Hummingbill checks all boxes and Adam is definitely a quality asset for our team,” said Anurag Jain, ?co-founder and executive director, KredX, in a statement.

Hummingbill founder and CEO Adam Walker 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.”

KredX currently help businesses meet their short-term working capital needs by facilitating discounting of their unpaid invoices (raised against blue-chip companies) to a network of buyers and investors including banks, NBFCs, wealth managers and retail investors.

It also serves small and medium enterprises manage their cash flow by unlocking the cash tied up in invoices that otherwise takes an average of 30 to 90 days to be cleared by the enterprises. Besides, an online discount platform also enables investors to channelize their funds optimally by providing access to risk mitigated, high yield and short-term investment opportunities that are not tied to the uncertainties of the stock market. While, Hummingbill is a business-to-business invoice platform that helps vendors and enterprises run more efficiently using email plugins to improve invoicing, workflow and supplier financing. The company provides electronic invoicing and accounts receivable management, enabling faster payments and predictable cash flow for suppliers.