Canada-based electronic invoicing firm Cortex is adding supplier financing into its mix of solutions.
Cortex Business Solutions said Thursday (May 4) that it struck a partnership with supplier financing platform FundThrough to link its existing supplier clients that need working capital while they wait for their invoices to get paid.
“Cortex sought out this partnership as a means of solving a key issue facing customers who are ready to capitalize on the industry’s turnaround and simply needed a way to get their invoices paid, ensuring they have the funds they need to grow their business,” said Cortex VP Strategic Partnership Elena Dumitrascu in a statement. “The service FundThrough provides is a natural extension of our core eInvoicing solutions, as it helps speed up the time to pay on invoices through a platform our customers know, trust and use every day.”
Businesses on the Cortex Network can request financing on invoices that have already been approved from directly within the Cortex Workbench interface. The company said suppliers can see cash as quickly as within 24 hours, with funds facilitated by FundThrough.
“Access to funds is critical for both new and small businesses to be able to grow,” said FundThrough Co-Founder and CTO Deepak Ramachandran in another statement. “With FundThrough’s invoice funding platform, these businesses can access their working capital immediately from unpaid invoices. Companies can pay the bills and make the purchases they need to run their business.”
“This partnership with Cortex is a natural fit,” the executive continued, “and one that we are extremely excited to be a part of, as it will give more than 9,000 companies currently using the Cortex Network access to funds they need to grow.”
FundThrough announced an $18.6 million funding round last year led by Scale Up Ventures as it looked to expand throughout the Canadian alternative SME lending market.