Embedded Finance Innovator AREX Markets Joins Xero App Store
- Cloud , IT Innovations , Financial
- 12.08.2021 02:20 pm
AREX Markets, the data-driven FinTech company that drives financing costs down for SMEs and enables them to get access to cash quicker, today announces its integration into the Xero App Store.
The AREX app helps to unlock money trapped in unpaid invoices and opens up alternative avenues for the UK’s SMEs to traditional invoice financing. The non-recourse finance-based business has been approved following a highly selective process, due to the unique and ethical approach it takes to invoice financing.
AREX facilitates a live, algorithm-based trade that enables businesses to access the cash held in their debtor book. The SME invoice itself becomes a tradable asset and AREX’s platform allows professional investors to invest across a range of these assets and industries.
Its integration provides seamless access to the service for Xero users, who needn’t leave their accounting software in order to unlock value from their invoices, and swiftly receive the money back to their balance sheets - often within 24 hours. AREX can be found in the Xero App Store under the Financial Services category.
Xero’s 720,000 UK subscribers will have access to AREX as it joins the marketplace.
Comments, “Xero’s goals and ours are perfectly aligned. We want to make it easier and fairer for SMEs to do business, and to take back control from traditional structures which have hindered their growth potential. To see the AREX app sit comfortably alongside other business finance options like Market Finance, Satago and iwoca Pay is a major milestone for the company and will accelerate its growth into the UK market where we can make a tangible difference to empower businesses to regain control of their cashflow. We’re really excited to see how this relationship with Xero develops.”
Commenting on the news, Ryan Pearcy, SB Digital director at Scrutton Bland added, “Cloud tech options are fundamentally changing the way business is done. AREX has gone a step further, because their aim is to take power away from the centralised operating model, in this case, the bank. Companies like AREX guarantee the customer competitive market rates and do it in the most ethical way possible. We choose to partner and work with market-defining apps. Through open market dynamics, AREX is one of these, with the ability to change the perception of how financing is used as a first resort rather than a last chance.”
The relationship with Xero accelerates AREX plans and growth within the UK market, following its recent successful EUR 8.8m Series A funding round.