The Receivables Exchange Receives Another $17M From Bain Capital Ventures
This third round of financing brings the total invested into the company to just south of $30 million.
The Receivables Exchange started its online receivables financing marketplace in 2008 with the launch of its proprietary receivables trading platform.
The platform essentially enables businesses to sell their accounts receivable to a global network of accredited institutional investors that compete in real-time to purchase them. That way, companies are able to reduce their cash conversion cycles and gain access to capital that can be reinvested into growing their core business operations.
According to the company, the majority of companies have more than 60% of their working capital tied up in accounts receivable, limiting their ability to fund their own growth and contribute to that of the U.S. economy.
The Receivables Exchange says it will use the funding to scale its operations and sales activities and to expand its marketing, business development and corporate partnership efforts.