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Lack of access to working capital is a major reason why small businesses cannot grow or operate efficiently. The Ghanaian fintech startup, Growth Factor Technologies, hopes to break this cycle with its software solutions focused on Supply Chain Finance.
Its flagship product, Nvoicia, solves cash flow issues resulting from payment delays by providing SMEs with unpaid invoices access to working capital without collateral and credit checks. Through Nvoicia’s invoice factoring model powered by a cloud verification platform and smart contract, SMEs no longer have to wait long periods to be paid by their credit clients but can now access early payment to run their businesses efficiently.
Familiar with the hassles of being a growing entrepreneur, founders Itumeleng Moagi, Kelvin Tyron, Samuel Oriaku, and Ndifreke Anwanakak developed Nvoicia to support SMEs in reaching their potential and ultimately increase the continent’s GDP.