Triterras to integrate its Blockchain enabled trade finance platform Kratos with UAE Invoice Bazaar invoicing platform
Triterras Inc, a leading fintech company for trade and trade finance, developer of the Blockchain enabled trade finance Kratos platform, has signed a letter of intent to acquire Invoice Bazaar with operations in UAE and offices in Dubai and India. Subject to satisfactory completion of due diligence, the transaction is scheduled to close on or around April 30, 2021. Following the close of the transaction, Invoice Bazaar will continue to operate under its current brand under the Triterras umbrella.
Founded in 2016 by a team of commercial bankers with prior experience from Citigroup specializing in regional Supply Chain Finance in the Middle East, Invoice Bazaar is an established provider of supply chain finance services in the Gulf Cooperation Council markets and operates a leading platform for supply chain finance, accounts receivable financing and e-commerce vendor financing serving multi-national corporations and small and medium size enterprises (SMEs) alike in the Middle East region. Assuming execution of binding definitive agreements, we expect that Invoice Bazaar will assist us in operating and building the customer base of our “Supply Chain Finance” module and that we will acquire certain related intellectual property rights which we plan to integrate into blockchain enabled Kratos platform.
Invoice Bazaar also has strong network with local banks in the UAE. “We are excited to partner with such an exceptional team and accelerate several of our growth goals,” said Triterras Chairman and CEO Srinivas Koneru. “This transaction establishes a strategic presence for us in the Middle East with a UAE approved regulatory structure already in place, allowing us to operate immediately upon closing. Over time, we anticipate integrating Invoice Bazaar’s leading supply chain finance capabilities into our Kratos ecosystem.
“In addition, Invoice Bazaar brings to us a robust origination pipeline with enterprise-level clients,” continued Koneru. “With each of Triterras and Invoice Bazaar possessing deep networks within our respective markets and offerings, we anticipate many potential synergies will emerge once we are fully integrated.”
“We are grateful for the confidence that the Triterras team has placed in us. We believe that with this transformative transaction, Triterras’ strong lender relationships in the global marketplace combined with our enterprise relationships will enable us to deploy innovative Receivables and Supply Chain Finance solutions across the Middle East market,” said Invoice Bazaar co-founder and CEO Anand Nagaraj. “From the beginning of our discussions, it was clear that we had an aligned mission: to digitize a centuries-old form of finance in much need of modernization. Our combination leads us closer to that goal.”
“Triterras’ award-winning Kratos platform and global network of trader and lender relationships will allow Invoice Bazaar to offer substantially more financial resources and value-added services to our clients and suppliers. We are thrilled at the prospects ahead for our team,” said Nagaraj.