More than 10 Million AED in financing distributed during initial partnership roll-out; Critical working capital now available to the more than 12,000 restaurants on Zomato UAE
DUBAI, United Arab Emirates, March 23, 2022 (GLOBE NEWSWIRE) -- Invoice Bazaar, the Dubai-based inclusive finance platform owned by fintech holding company Triterras Inc. (OTC Expert Market: TRIRF), and food delivery leader Zomato, one of the largest aggregators of restaurants in the UAE, today announced a renewed fintech partnership to bring working capital access to restaurants listed on Zomato UAE. Invoice Bazaar and Zomato commenced the partnership last year initially in response to the COVID-19 pandemic.
During the preliminary roll-out, Invoice Bazar disbursed more than 10 Million AED in critical financing. The working capital has helped Zomato-partnered restaurants to reorient and build business with a new primary focus on deliveries, easing the burden on supplier payments, and creating operating cost efficiencies.
"Invoice Bazaar is the perfect fit for our restaurants. They are opening the doors to critical working capital finance and have already helped us to distribute more than 10 million dirhams. We look forward to continuing to work together to bring this inclusive financial opportunity to the more than 12,000 Zomato-listed restaurants across the UAE," said Neha Sood, Vice President, Zomato.
Restaurants are a major business segment in the UAE, but these businesses have limited access to traditional bank financing. Invoice Bazaar helps to solve this liquidity crunch by providing critical working capital, in real-time, to interested restaurants based on their receivables and historical performance, among other factors. Through its data-driven financial technology and inclusive network of bank and non-bank lenders, Invoice Bazaar is able to unlock value and offer financial flexibility to the restaurant industry in UAE. Repayment and servicing of the working capital seamlessly integrates into Zomato’s existing payment experience.
“The restaurant ecosystem on Zomato is now benefiting from the cornerstone of running a restaurant: access to working capital. In turn, Invoice Bazaar is providing financial inclusion to small businesses consistent with our global mission. We are excited to grow our partnership together and bring working capital to thousands more restaurants across the UAE,” said Anand Nagaraj, Co-founder and CEO of Invoice Bazaar.
Zomato is a restaurant review, restaurant discovery, food delivery and dining out transactions platform providing in-depth information for over 1.5 million restaurants across 24 countries. Invoice Bazaar partnerships are purpose-built to enable financing to e-commerce sellers and have helped small businesses cash receivables of over $140 million USD. To learn more about working capital partnerships with Invoice Bazaar, visit www.invoicebazaar.com.
About Zomato
Founded in 2008, Zomato serves more than 70 million users every month. Zomato UAE was acquired by Delivery Hero in 2019 and is part of Talabat/Delivery Hero Group. https://www.zomato.com/
About Invoice Bazaar
Invoice Bazaar, based out of Dubai and operating since 2016, is a SME Financial Inclusion startup that has helped small businesses with limited or no access to bank finance with working capital lines in the form of Receivables Finance. Founded by bankers and technologists with experience of working at global banks like Citi, Invoice Bazaar is proud to have served underbanked and unbanked SMEs, including women led enterprises, that have gone on to create thousands of jobs and helped the GDP. The company was awarded Middle East and North Africa (MENA) Fintech of the Year 2019 by Fintech Abu Dhabi hosted by Abu Dhabi Global Markets (ADGM). In May 2021, Invoice Bazaar was acquired by Triterras, a leading Fintech company in trade and trade finance. For more information: www.invoicebazaar.com.
About Triterras
Triterras is a leading fintech company focused on trade and trade finance. It launched and operates Kratos™—one of the world’s largest trading and trade finance platforms that connects and enables commodity traders to trade and source capital from lenders directly online. For more information, please visit triterras.com or email us at contact@triterras.com.
Triterras Investor Relations Contacts:
Jim Groh, Triterras Inc.
Mobile: +1 (678) 237-7101
Email: IR@triterras.com
Gateway Investor Relations
Matt Glover and Jeff Grampp, CFA
Office: +1 (949) 574-3860
Email: TRIT@gatewayir.com
Triterras Media Contact:
Gregory Papajohn, Office of Corporate Communications, Triterras, Inc.
Mobile: +1 (917) 287-3626
Email: press@triterras.com
