Former Citigroup CEO and Asia Pacific Chairman Shirish Apte has invested in a UAE-based B2B FinTech.
Reports Tuesday (May 9) said Invoice Bazaar landed funds from Apte, though it did not disclose how much it secured. Apte will also join the company’s advisory board, reports said.
Invoice Bazaar streamlines transactions between buyers and suppliers and offers supply chain finance, receivables finance and dynamic discounting offerings to reduce risk in B2B trade.
“Having seen the business model of many FinTech startups that continue to pitch, I found the business model of Invoice Bazaar compelling, as it complements banks’ offering rather than trying to compete with banks,” said Apte. “The marriage of banks with FinTech, in my opinion, is the model of the future.”
Invoice Bazaar recently expanded from the UAE into India and Singapore, according to reports.
Earlier this year Invoice Bazaar announced a partnership with eNett International to enable supplier payments in the business travel space using eNett virtual card technology.