eBev Announces $ 10 Million Debt Financing and New Senior Executive Hires
Australia’s largest independent beverage wholesale platform eBev has launched debtor finance solutions in partnership with Cirralto and its Spenda B2B payment platform.
This new capability will allow eBev to extend prepayment to suppliers and the ability to pay suppliers in three days. The partnership also opens the door to potential development in the lucrative Buy-Now, Pay-Later (BNPL) market through eBev’s business platform. The debt financing operations will be financed by Cirralto via its subsidiary Invigo.
Spenda Chief Commercial Officer Andy Hilton said: âeBev’s position as Australia’s largest and most advanced market in the $ 8 billion wholesale beverage industry makes it in the best position. to provide working capital for a landscape ravaged by COVID. “
âSpenda’s unique dynamic financing solution will allow eBev and its clients to grow quickly without having to worry about working capital.
eBev, which was founded in 2015, reduces credit risk for beverage suppliers by guaranteeing payment within three days. For hospitality customers, the platform consolidates orders, invoicing and payments in one place, streamlining the process.
In 2021, eBev processes more than $ 150 million in annual orders and can count more than 12,000 approved sites among its customers. The platform believes that this partnership will provide eBev with âan unprecedented growth avenueâ. The company plans to float on the ASX in 2022.
The platform supports its technology expansions with new hires in the FinTech sector, announcing a new Head of Products and Technology, Atul Narang, and a new CFO, Zoran Grujic. EBev CEO Ian Harris said, âOver the past few weeks we have engaged Atul Narang to expand our capabilities in the fintech space which is critical to our growth.
âAn important part of building the business for the future is bringing in an experienced ASX CFO. We are pleased to report that after a few months of advising the company, Zoran Grujic has joined the team to develop this capital strategy on the way to ASX listing next year. “