The Receivables Exchange Announces Partnership with Biz2Credit
The Receivables Exchange (www.receivablesXchange.com), the world’s first online marketplace for real-time trading of accounts receivable, announced today that it has partnered with Biz2Credit (www.biz2credit.com), an online loan-matching portal to help businesses make informed business financing decisions. The partnership brings the Exchange’s innovative working capital solution to Biz2Credit’s community of over 30,000 small and midsize businesses.
Biz2Credit connects small and midsize business owners with optimal capital providers by evaluating their needs, presenting them a rated list of funders based on a proprietary algorithm, and guiding them through the application and approval process through the use of an online platform. The Receivables Exchange allows businesses to improve liquidity on their terms by selling their receivables to accredited institutional Buyers in a competitive online marketplace. This partnership will bring the benefits of speed, flexibility and a lower cost of capital to Biz2Credit’s small and midsize business customers.
“The Receivables Exchange is changing the financing landscape for small and midsize businesses,” said Justin Brownhill, co-founder and chief executive officer of The Receivables Exchange. “Through our innovative online receivables financing marketplace, Biz2Credit’s customers will gain access to the largest centralized network of capital providers and the most flexible source of capital for small and midsize companies. With The Receivables Exchange, their customers will be able to get faster access to the capital they need, on their terms.”
“Our customers need flexible, affordable sources of capital to fuel growth,” said Rohit Arora, CEO and co-founder of Biz2Credit. “The Receivables Exchange’s competitive online auction marketplace puts business financing in the control of the business, rather than the lender, while our online portal allows businesses to choose the best financing option from the ones available to them. We both open up the financing landscape for small and midsize businesses, so this is a natural partnership.”
The partnership brings together two companies who are recognized leaders in the area of small business finance. The Receivables Exchange was recently named the winner in the e-commerce category of The Wall Street Journal’s 2010 Technology Innovation awards, honoring the most important innovators in technology worldwide. The company was also named to Institutional Investor magazine’s 2010 “Tech 40” list, which recognizes the leading innovators in financial technology. Biz2Credit was named one of the hottest emerging private companies by KPMG, and Entrepreneur magazine rated it the top small business financing resource in the U.S. As partners, Biz2Credit and The Receivables Exchange bring their reputations for innovation, finance expertise and customer service to growing small and midsize businesses.
Year round, most businesses have more than 60 percent of their working capital tied up in their accounts receivable. The Receivables Exchange lets them sell their receivables to institutional investors in a competitive, real-time marketplace, giving them access to a flexible, affordable source of capital. Most auctions on the Exchange last one day, and Sellers obtain cash at an average of 98 to 99 cents on the dollar. The Receivables Exchange recently announced that receivables trading volume on its market-based trading platform increased 300% YTD as of July 31, 2010.
Learn more about how The Receivables Exchange and Biz2Credit are working together to change business finance for small and midsize companies nationwide.
About Biz2Credit
Founded in 2007, Biz2Credit (www.biz2credit.com) connects small business owners with lenders and service providers, thus empowering them to effectively compete with big businesses and grow their enterprises. Biz2Credit matches small businesses with credit solutions based on online profiles that can be completed in less than five minutes in a safe, efficient, price-transparent environment. Its network consists of more than 30,000 users and 150+ lenders, as well as credit rating agencies such as Dun & Bradstreet, and major small business service providers including Dell. Biz2Credit was ranked among 100 top emerging companies in the U.S. by KPMG in 2008 and the top financing resource by Entrepreneur magazine in 2009. With over $350 million in funding, the company is recognized as the #1 credit resource for small businesses.