Charlotte fintech startup Quartix has closed on a $15 million funding round and entered a new agreement for its credit facility.
Quartix, co-founded in 2017 by Noam Mani and Dror Polak, is a mobile platform that allows industrial buyers to pay vendor invoices later and optimize cash by combining technology and institutional capital. Mani and Polak founded the company in Israel and moved its headquarters to Charlotte the same year, after it was chosen to participate in the QC Fintech accelerator.
The startup plans to use the new capital to help meet growing demand for its solutions, such as payment management and providing finance options for suppliers, Quartix said in a news release on Nov. 30. That's as cash-flow challenges and supply-chain disruptions weigh on the industry.
"Traditional banking products fall short, and advanced solutions were previously limited to Fortune 1000 firms," said Polak, CEO at Quartix. "Our digital platform, fueled by real-time payable data, complements traditional bank credit lines, providing CFOs and treasurers with digital tools for effective cash flow management and supply chain capital optimization."
Funding for the new credit facility and equity round was led by SR Alternative Credit, a U.S. private credit manager.
The $50 million credit facility, an agreement that allows for greater flexibility than traditional loans, helps further Quartix's mission of providing advanced, specialty-finance products. Those solutions are primarily designed for Fortune 1000 companies to midsize businesses, allowing them to lengthen payment terms with vendors.
"These mid-market suppliers, in turn, aim for longer payables with their suppliers, leading to vendor friction and relationship risks," Polak said. "With this funding, we can better assist mid-market companies in optimizing payment terms with suppliers without straining business relations."
Quartix's latest raise comes after the company closed on a $20 million funding round in 2022. That equity was used to allow the startup to keep up with post-Covid demand from middle-market industrial companies using its digital, real-time trade-finance products.
