Quartix raises $20 million in funding to democratize supply chain finance
By Edlyn Cardoza
- cash flow
- digital credit products
FinTech Quartix, which provides a SaaS platform that unlocks digital supply chain financing solutions for mid-size industrial firms, recently announced that it has successfully secured $20 million financing facilities from two FinTech trust funds with the potential to leverage the credit facility.
This facility will allow Quartix to support the growing demand for affordable digital credit products that provide flexibility for eligible US customers and suppliers to make payments or collect whenever they want, regardless of payment terms. Covid-19 has significantly boosted the demand for this flexibility among manufacturers and distributors due to pressure on companies’ cash flows and supply chains.
“Middle market customers ($25 million – $2 billion) are primarily served by traditional banks that offer secured and committed credit products. Customer cash flow needs are changing rapidly, and traditional banking products are not catching up. Quartix adds a real-time layer on demand to cash flow management. Our unsecured credit products integrate with and coexist with traditional bank lines of credit allowing CFOs and Treasurers to better plan their cash flow, weather temporary cash crises and unleash cash from their supply chain,” Dror Pollack, CEO of Quartix.
Noam Mane, CRO at Quartix, He adds: “Supply chains are under tremendous pressure these days. Payment terms are a win-win for customers and their sellers. This is a constant source of friction. Quartix makes this win-win, as it allows procurement professionals to improve relationships with sellers, support key sellers, reduce friction with sellers, and avoid Supply disruptions. It is easier for sellers to do business with customers who use Quartix.”
Advanced trade finance products were previously available exclusively to Fortune 1000 companies. By opening up real-time digital products to mid-market customers, Quartix is democratizing supply chain finance and leveling the playing field, allowing smaller companies to better compete with the Fortune 1000 giants. Real-time data is used to improve products to meet actual customer/seller needs at affordable prices – offering unsecured lines of credit up to $10 million.
John Fox, Chairman, Capital Foundry FundingLtd., who led the funding round, noted: “Credit on demand products that cater to real-time trade events fill a real gap that exists in today’s midmarket, as Quartix’s rapid growth demonstrates. We are pleased to continue and support this growth. By meeting supply chain needs Industrial, Quartix is gaining the data and advantages of scale that will enable it to become a leading FinTech in the underserved mid-market sector. We are very pleased to support the growth of Quartix, a very important partner.”
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