Advance Global Capital (AGC) has announced the enhancement of its partnership with Invoice Bazaar, a fintech supply chain finance platform in the UAE for offering receivables purchase from SME suppliers.
The initial term sheet signed by AGC in October 2016 was for the capital of $1.1 million and is now enhanced to $5 million. Invoice Bazaar, which has recently won confidence of institutional capital providers including, Advance Global Capital and RAKBANK, has been in discussions with several other financial institutions and expects to close out on new relationships.
Commenting on this triumph, Nate Hartley, CEO of Advance Global Capital said, “Having worked with Invoice Bazaar over the last year, we found them to be a great partner as the team understands our investment mandate and we are able to close out on opportunities rather quickly. Alternate finance in the Middle East is catching up and we see some tremendous traction originating from the UAE. ”