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Fintech, logistics startup in equity collaboration

Dubai-based Fintech startup Invoice Bazaar has invested an undisclosed amount in online documentation exchange platform ODeX

Invoice Bazaar, a fintech supply chain finance platform with a presence across Asia, has announced an undisclosed investment in ODeX - an online documentation exchange platform for shipping and logistics.

Founded in DTec, ODeX is seeking to expand its presence in the Middle East and Africa. ODeX connects all the key stakeholders in the shipping industry such as shipping lines, freight forwarders, importers, exporters and terminals, enabling workflow and payments automation for these stakeholders.

Through its technology platform, ODeX has managed to reduce the overall cost of trade documentation by at least 30 per cent. Its client base includes Maersk, MSC, CMA-CGM, Hapag Lloyd, COSCO, DHL, Kuehne Nagel, Reliance, Tata Group, Godrej etc. Over the last 12 months, ODeX has processed over 4 million documents. Further, 55 per cent of cargo weight documentation is filed on ODeX.

Shipping is a $7 trillion economy and business from documentation automation is a multi-billion dollar opportunity. 556 million containers (TeUs) generate 11 billion documents, which creates an opportunity for companies to tap in.

ODeX is now working closely with Invoice Bazaar on supply chain finance and early payments solutions for the shipping community.

Invoice Bazaar offers supply chain finance, receivables finance and discounting offerings to reduce risk in B2B trade. With a presence in the UAE and a limited presence in India, the 2-year-old fintech company has crossed early payment volumes of Dh100 million in the last 18 months since it started operating. It is funded by AGS capital.

ODeX intends to use this infusion for product development and scaling up of operations in other regions. Through this investment and collaboration Invoice Bazaar looks to expand its reach in the shipping industry.