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Hailing from South Africa and Singapore, ApexPeak recently secured a massive US$23-million deal, further establishing itself as a force to reckoned with.
ApexPeak allows cash-strapped SMEs to sell their invoices in return for money. In a bid to take its services beyond the small business space, the company has included insurance clients, as well as South African citrus fruit grower Karu Exporters.
The US$23-million export finance deal will see Karu receive monthly disbursements in various currencies until the end of 2014 to help it meet the export demand quicker. Setting itself apart from traditional banks, ApexPeak’s partner Aztec claims to give access to capital much faster and charges a 2% service fee.
“Demand for exports outstripped Karu’s cash availability. ApexPeak was the most scalable choice for Karu, because ApexPeak would finance against receivables and not assets,” said Chief Operating Officer of Aztec Exchange Oliver Gabbay.
Since February 2014, Aztec Exchange and ApexPeak are said to have completed over 23 receivables transactions spanning the globe. The relationship between the two firms is symbiotic — Aztec Exchange originates funding opportunities through a network of introducers, while ApexPeak provides non-bank capital.
“Having access to capital can be a game changer. Karu was savvy enough to realise the Aztec and ApexPeak offering. For some businesses, receivables financing is a matter of survival but for others, like Karu, it is used to fund growth and capture market share,” says Mr Gabbay.
Only a year ago ApexPeak got a US$40 000 cash injection from Google funded 88mph. It’s further closed two follow-up rounds totalling US$1.8-million from a group of Asian investors.