Zimbabwe based startup Harare Receivables Exchange (“HRE”) launched a market place for purchase and sale of accounts receivable. The company has leveraged technology and financial services to give SMEs an alternative to the usual financing avenues through its invoice trading platform. HRE platform offers companies a platform to trade the debt on their books for cash. This is conducted using an online auction platform, ensuring that HRE’s clients get a market determined price for their debt reducing the cost of funding and time required to access the funds.
HRE’s trading platform allows businesses to access money before payment is effected by debtors. By selling invoices through HRE Sellers are able to monetize their receivables while Buyers have access to a good alternative investment. HRE gives companies direct access to much needed capital for their businesses.
To register as a Seller the company should have been trading for at least 2 years with a turnover of $100,000 per annum and uploaded invoices must be in excess of $5,000.00. The minimum participation amount for buyers is $60,000. Buyers bid for an invoice and upon successful bid, advance money to seller and wait for money to return with interest. “Our mission is to provide a secure, transparent and efficient trading environment” says Takudzwa Chinhengo, CEO of Harare Receivables Exchange.