B2B Payments

Aztec Exchange May Be Headed For Liquidation

A company news message at Irish invoice financing company Aztec Exchange suggests the firm is headed toward liquidation.

Aztec Exchange has called for a meeting of creditors, according to a company notice published on Business Barometer, to be held later this month on Aug. 29. The notice also said the company is proposing PricewaterhouseCoopers’ advisory partner Declan McDonald to be appointed liquidator of the firm.

According to Fora, which also posted news on the company notice, said Aztec Exchange reported a $3.6 million loss in its latest accounts.

The Ireland-based company, which also operates in the U.S., provides invoice financing and other cash management solutions for businesses. Earlier this year, CEO Edwin Hagan-Emmin spoke with PYMNTS about its recent partnership with Montreal, Québec-based software company EDI Gateway. The partnership sees Aztec Exchange offering EDI Gateway’s clients access to the PayMe solution, an early invoice and eInvoice payment service to help businesses better manage cash flow while they wait for invoices to get paid.

In other Aztec Exchange news, earlier this year, the company revealed it was named to Forbes’ FinTech 50 list, a group of disruptive FinTechs to watch. Last year, Aztec Exchange raised $3.5 million in venture capital led by London-based specialist real estate and private equity investment firm Maya Capital Pte. Reports in Fora said the company had inked a deal with Maya Capital earlier this year for $15 million in working capital, $1 million of which was drawn out at the time the agreement was signed.

PYMNTS reached out to Aztec Exchange for comment but received none as of the time of this publishing.



The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.