Chilean e-invoicing and factoring platform hopes to deepen liquidity for SMEs with Hive deal
Gosocket is hoping to boost the liquidity it can offer to small businesses through a deal with a Slovenian blockchain company.
The Santiago-headquartered firm manages an electronic invoicing and payments platform for Latin American businesses. It already offers companies advances on their invoices through its “anticipos” program. It hopes that an alliance with the Hive Project, announced last week, will grow that service.
“We see it as a way to inject liquidity in another way,” Mario Fernández, Gosocket’s CEO, told iupana.
Under Gosocket’s anticipos program, banks and investment funds lend against invoices registered in the network. Gosocket’s verification and compliance procedures give those investors confidence to participate, while businesses can access funds quickly – rather than waiting weeks or months for client payments to come through.
Hive Project, meanwhile, has an Ethereum-based factoring platform in proof of concept stage. By allowing companies to register their financial statements on blockchain, it says it can create a more reliable base of information for potential investors. The project has issued 500 million Hive Tokens, which potential investors need to own to participate in factoring over the network.
Blockchain for factoring
The deal with Hive is not Gosocket’s first foray into blockchain.
The Chilean company has already been working with the technology to see how it can incorporate it into the e-invoicing and factoring business. It recently launched a permissioned blockchain dubbed ARAP (Accounts Receivable/Accounts Payable), running on the Microsoft Azure cloud, to track and verify invoices.
“The aim is to make it a register of invoices, payments, rejections and acceptances,” Fernández said.
Here are the best webinars and online events in the digital banking and fintech sector in Latin America, from June 15 to 19
Brazilian lawmakers have delayed data protection laws but are pushing ahead on open banking regulations.
Through Krealo, Credicorp is taking aim at the Chilean retail banking market with the launch of a new digital bank, Tenpo
“Fintech is going to eat Latin America” says founder of British startup
Banks are teaming up with big tech platforms at the same time as they compete with them
Inside the coffee banking model in Bolivia
- Alipay hunts for LatAm opportunities after Openpay deal
- Culqi turns to marketplace model for international growth
- Mexico’s fintechs step into new legal era with secondary regulation details
- Bradesco changes credit scoring, fee structure to drive Next sign-ups
- Brazil’s C6 Bank preps for commercial launch
- Ex-BTG Pactual partners build #TheNextBigFin team