Shirish Apte, the former Asia Pacific CEO of Citigroup, has joined the board of UAE-based supplier finance provider Invoice Bazaar after making an ‘undisclosed investment’ in the fintech startup.
Apte described Invoice Bazaar’s business model as compelling.
“It complements banks’ offerings rather than trying to compete with banks,” he added. ” The marriage of Banks with FinTech startups, in my opinion, is the model of the future,”
Invoice Bazaar was founded by Anand Nagaraj in Dubai in 2016, but recently expanded into India and Singapore with its offer of supply chain finance, receivables finance and dynamic discounting for SMEs.
Having started with non-bank funding, it has recently begun to partner with local banks to increase the level of funds available.