Aztec Exchange, the Ireland-based supplier of invoice finance products and services, was named by Forbes magazine as a constituent of its second annual Forbes Fintech 50 list. The company, as described by Forbes, “finances receivables for developing-world suppliers based on strength of their US corporate buyers”. Caterpillar, Kimberly-Clark and L’Oréal are working with Aztec which has received $15m of funding from investors. Aztec is regarded by Forbes as a threat to traditional factoring companies.

“We’re honoured to be recognized by Forbes for our work in leveraging technology to vastly improve supply chain finance,” said Aztec Exchange CEO Edwin Hagan-Emmin in a press statement.

C2FO and Fundbox remain on the list for the second year. Forbes says C2FO “uses algorithms and bids to match retailers and manufacturers sitting on extra cash with suppliers ready to accept discounts for payment within 48 hours”. It has handled $68bn in invoices and received $99m in funding from Union Square Ventures and other investors. It is described as a threat to traditional factoring and business credit cards.

Fundbox is also regarded as a threat to traditional factoring businesses. It helps SMEs deal with cash flow problems created by typical 90-day payment terms by linking to their Quickbooks or Freshbooks accounts and providing advances of up to $100,000 against invoices of their choosing. Fundbox has advanced money to 50,000 companies and has received $112m of funding from a range of investors, including Amazon’s Jeff Bezos.

This year, 22 companies were dropped and 22 others joined the Forbes Fintech 50 list, which is open to businesses that have operations, but not necessarily headquarters, in the US. Forbes said the list excludes publicly traded companies and their subsidiaries, as well as established financial players that are privately held.