Invoice Bazaar, a Dubai-based fintech startup, will be acquired by Triterras Inc., a Singapore-based fintech company for trade and trade finance.
The transaction (undisclosed amount) is scheduled to close on or around April 30, 2021. Following the close of the transaction, Invoice Bazaar will continue to operate under its current brand under the Triterras umbrella.
Founded in 2016 by a team of commercial bankers with prior experience from Citigroup specializing in regional supply chain finance in the Middle East, Invoice Bazaar is an established provider of supply chain finance services in the GCC markets and operates a platform for supply chain finance, accounts receivable financing and e-commerce vendor financing serving multinational corporations and SMEs alike in the Middle East region.
The acquisition will see Invoice Bazaar assisting Triterras in operating and building the customer base of their “Supply Chain Finance” module and that we will acquire certain related intellectual property rights which we plan to integrate into the Kratos platform.
Invoice Bazaar also has a strong network with local banks in the UAE.
“This transaction establishes a strategic presence for us in the Middle East with a UAE approved regulatory structure already in place, allowing us to operate immediately upon closing,” said Triterras Chairman and CEO Srinivas Koneru. “Over time, we anticipate integrating Invoice Bazaar’s leading supply chain finance capabilities into our Kratos ecosystem.”
“In addition, Invoice Bazaar brings to us a robust origination pipeline with enterprise-level clients,” continued Koneru. “With each of Triterras and Invoice Bazaar possessing deep networks within our respective markets and offerings, we anticipate many potential synergies will emerge once we are fully integrated.”
