Fintech startup receives $5M line of credit from private working capital finance company
Peter Rex, founder and Executive Chairman of Rex, announced that PayUp, a Rex company, has partnered with Austin-based nFusion Capital. PayUp is a technologized early payment solution for small and medium-sized businesses ensuring convenient and affordable access to capital. nFusion Capital is a private working capital finance company delivering customized financing solutions to small and medium-sized businesses.
“Labor and materials prices are expected to continue to rise due to inflation and shortages, and 87% of vendors don’t qualify for traditional lending,” said Peter Rex. “PayUp is building technology to manage the arbitrage in credit worthiness between these vendors and customers. A line of credit from a partner like nFusion Capital is only going to help PayUp meet that rising demand,” said Rex.
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PayUp partners with businesses and their customers to expedite payments providing a fully integrated experience that seamlessly fits into existing invoicing workflows and provides instant verification and early, predictable payouts.
“We are excited to partner with PayUp and provide the capital they need to continue to grow their market,” said Jason Lippman, CEO of nFusion Capital. “In a world where many companies hide behind jargon and fake tech, PayUp is the real deal. It is fin-tech that has developed a truly one-of-kind platform built with technology that solves a real-world problem and we look forward to their continued success,” added Lippman.
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“This line of credit will allow PayUp to factor $50M+ in invoices & achieve a multi-million dollar ARR,” said Denver Lobo, co-founder and CEO of PayUp. “As we partner with high credit quality customers, we expect to raise larger debt facilities at lower costs of capital, thereby generating margin expansion for our current investors,” said Lobo.
Since its May 2022 launch, PayUp has processed thousands of invoices totaling well over $1.5M in payments. Over the next 6-12 months PayUp will be focused on accelerating growth of their customer base and hiring key personnel.
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