Fintech startup Invoice Cycle has closed a $4m seed funding round led by German phone directory business Mueller Medien group.
Angel investment group SeedIL also took part in the funding round for the business, which aims to help companies maintain their cash flow by allowing them to apply for advance payments on outstanding invoices.
Michael Oschmann of Mueller Medien’s Michael Oschmann said, “We believe that smart SaaS services, which allow SMBs to become more efficient and competitive, will become increasingly more important for businesses across various verticals and that’s why we partnered with Invoice Cycle.
“Through our group of companies, we have access to tens of thousands of SMB’s in Germany, and are always looking for turn-key technology solutions that can leverage this exposure and generate additional revenue streams.”
Invoice Cycle CEO Gideon Shaw added, “While small and medium-sized businesses face numerous challenges on their road to success, waiting for invoices to get paid should not be one of them.”
“This was the motivating factor behind the creation of Invoice Cycle and we are already seeing the impact our product is having on business performance for companies in the UK.”
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