Capsa and UAC Foods Collaborate on Invoice Factoring | The Guardian Nigeria News
Alternative finance startup – Capsa Technology, has signed a new partner for its invoice factoring product.
The company announced yesterday that it recently signed a collaboration agreement with food and beverage company UAC Foods Nigeria.
Capsa’s partnership with UAC Foods is expected to open up more funding opportunities for suppliers in the UAC Foods network across the country.
This means that UAC Foods suppliers will now have the ability to convert their invoices into cash immediately on the Capsa platform, without having to wait for the mandatory payment cycle or terms included in their contract with UAC Foods.
Capsa co-founder and chief executive Mustapha Suberu said in a statement that the collaboration between the two companies will open up flexible funding opportunities for suppliers in the UAC Foods network.
“Our collaboration with UAC Foods demonstrates the growing relevance of our solution in building a sustainable ecosystem for businesses in Nigeria,” said Suberu.
“UAC Foods suppliers can take advantage of the flexibility of the Capsa platform to easily increase their working capital. In addition, UAC Foods suppliers can now comfortably grow their businesses profitably compared to traditional financial methods.
Also speaking on the partnership, UAC Foods Managing Director / CEO Dele Ajayi said the collaboration would be a win-win for all parties involved.
Ajayi said, “Providing efficient and quality services has financial implications that impact the performance of our suppliers who work with us. Our collaboration with Capsa Technology would potentially provide our suppliers, especially SMEs among them, with timely and affordable financing to meet their working capital needs and ultimately result in a win-win situation for all parties involved.