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Sep 22, 2021 | News Releases

Crowdz partners with Western Union Business Solutions to help offer SMBs fast access to capital

Partnership will help Crowdz expand internationally while helping small businesses thrive

Crowdz, an invoice financing marketplace, and Western Union, a global leader in cross-border, cross-currency money movement and payments, have announced a strategic partnership that will enhance Crowdz’ receivables financing capabilities in support of the company’s expansion efforts.

Crowdz provides technology that enables small businesses to sell invoices to funders for financing, which helps reduce cash flow bottlenecks and gives small businesses working capital to survive and thrive. The company will now integrate its online auction place with Western Union Business Solutions WU® Mass Payments and incoming APIs to help ensure both domestic and international payables and receivables are fast and cost efficient.

Partnering with Western Union Business Solutions means that funders can use Crowdz’s online platform to purchase an SMB’s invoice by paying directly into a holding balance. Funds are then forwarded to the SMB who sends the payment back to the funder via the incoming API once their customer has paid in full.

The partnership will help minimize the impact of fees and exchange rates on payments for Crowdz, which is undergoing a rapid growth phase. In the past 12 months Crowdz has secured $7 million in venture capital from names including Global Cleantech Capital, Bold Capital Partners, and Techstars. Partnering with Western Union Business Solutions will also help Crowdz scale its business internationally via a financial network spanning 200 countries and territories.

“We are excited to help Crowdz expand the service it provides to SMBs, who are significant contributors to the global economy,” said Roy Farah, Regional Vice President the Americas at Western Union Business Solutions. “Cash flow and working capital are particularly vital for SMBs, many of whom operate with tight resources in an extremely competitive environment. We are thrilled to combine our payments technology with Crowdz’s innovation to help support the growth and success of small businesses and the people who depend on them.”

CEO and co-founder of Crowdz, Payson Johnston, said the integration was key to enhancing Crowdz’ sophistication, particularly given its focus on security as it aims to accelerate the speed of financing. 

“In light of the pandemic, small businesses need efficient access to working capital more than ever. In the current economic climate, these businesses simply cannot afford to wait 90+ days to get paid. Crowdz is committed to creating sustainable, equitable financing models that allow the small businesses that power our communities to leverage their outstanding invoices and get paid immediately.  Our partnership with Western Union Business Solutions directly supports this mission,” said Johnston.