Dublin's Aztec Exchange gets major Forbes nod


Dublin-based peer-to-peer lending company Aztec Exchange has made the prestigious Forbes Fintech 50, an annual list of the key tech firms transforming the financial services sector and disrupting "the way we save, invest, spend and borrow".

Selected from a group of 300 companies, it is one of 22 new entrants this year. Headquartered in the Irish capital, Aztec Exchange also has operations in Los Angeles and Miami. 

CEO Edwin Hagan-Emmin said of the nod:

"We're honoured to be recognised by Forbes for our work in leveraging technology to vastly improve supply chain finance.

"PayME, our primary invoice finance service, enables corporates and e-invoice networks to offer real-time, non-recourse factoring to 100% of suppliers globally. Using cloud technology and backed by institutional capital, we make it possible for e-invoice networks and corporate supply-chains to provide 'white label' supplier financing."

Hagan-Emmin has hailed PayMe – which essentially sends funds to suppliers straight away, eradicating long waits for invoiced revenue – as "a game-changer", noting that "our customers are typically paid within 24 hours for invoices they select for early payment."

The news comes hot-on-the-heels of the company confirming two significant partnerships that will extend its reach in Europe and Latin America. Its new deal with the Santiago-based Gosocket and its 92,000 suppliers will see PayMe service Gosocket's $200 million (€186m) in invoice finance requests. Aztec Exchange has also signed on with Grupo SERES, which has 6,000 clients and is one of Spain's largest e-invoice providers.

Also making the Forbes Fintech 50 cut is Stripe. The San Francisco-based micro-payments firm was founded by Limerick brothers Patrick and John Collison and has been lauded as a "fintech superstar" by Forbes. Valued at $5bn (€4.6bn), it sees its business as a legitimate threat to PayPal.

Craig Fitzpatrick, Newstalk.com 

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