Invoice Bazaar, a Triterras Company, Collaborates with Cari to provide Working Capital Solutions to Restaurants
This strategic alliance aims to facilitate the introduction of Invoice Bazaar’s financial services to restaurants affiliated with Cari's food delivery platform in the United Arab Emirates
DUBAI, United Arab Emirates, Jan. 23, 2024 (GLOBE NEWSWIRE) -- Invoice Bazaar, a subsidiary of Triterras which is a leading fintech company focused on digital trade and supply chain finance, has announced a strategic collaboration with Rapid Cari Delivery Services, LLC (“Cari”), a prominent food delivery platform in Dubai. This agreement marks a significant step forward in empowering restaurants on Cari's network with tailored working capital financing solutions through Invoice Bazaar’s innovative supply chain finance platform, KRATOS™.
This alliance seamlessly aligns with Invoice Bazaar’s commitment to fostering economic growth and supporting businesses through accessible financial services. Utilizing its expertise in factoring and forfaiting services, Invoice Bazaar is poised to deliver distinctive working capital solutions to restaurants affiliated with Cari. The KRATOS™ blockchain-enabled platform is powered by advanced credit analysis tools and revenue-based financing analytics and facilitates transactions in a completely digital environment. This technological approach ensures complete traceability and transparency, further reinforcing the commitment to empower businesses within the Cari network.
"We are thrilled to join forces with Cari to extend our working capital financing solutions to clients within their dynamic network," said Ashish Srivastava, Chief Commercial Officer at Triterras. "This collaboration allows us to further strengthen our commitment to supporting the MSME businesses in the UAE by providing customized financial solutions that align with the unique needs of the restaurant industry.”
This collaborative effort will empower restaurants on Cari's platform with Invoice Bazaar’s comprehensive financial solutions, enabling them to manage cash flow more effectively. Moreover, Cari stands to gain by providing a working capital line to its restaurant clients, addressing a key challenge faced by these establishments. This enhanced access to working capital will allow restaurants to also increase promotional spending on the platform, attract more customers and stay ahead of competitors.
Amel Mabrouk, General Manager at Cari, also expressed enthusiasm for the collaboration, stating, "Partnering with Invoice Bazaar allows us to enhance the value we provide to our restaurant partners. By offering streamlined access to financial services, we enable our network to maximize working capital efficiently, fostering a more robust and thriving restaurant community. This collaboration is a testament to our commitment to supporting our partners' financial needs and driving overall growth within the restaurant sector."
This partnership solidifies Invoice Bazaar’s dedication to driving economic progress and fostering financial inclusion within the UAE. The company remains committed to playing a pivotal role in empowering businesses across diverse sectors, creating a positive impact on the economic landscape.
Triterras is a global fintech company co-headquartered in Singapore and Dubai and a leading innovator of inclusive finance solutions for the world's micro, small, and medium-sized enterprises (MSMEs). The company launched and operates KRATOS™ – one of the world’s largest digital financing platforms – to directly connect MSMEs with lenders online to source capital across commodity trading, supply chain, logistics, and e-commerce finance. For more information, please visit https://triterras.com, or email us at email@example.com.
Cari is a 0% commission food delivery platform that offers on-demand deliveries in the GCC (Gulf Cooperation Council) region. Customers can enjoy a wide range of restaurants delivered on average within 30 minutes with no additional delivery fees. Restaurants on the other hand will save money by not paying fees to the platform on every order. For more information, please visit https://getcari.com.
Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Triterras’ actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include Triterras’ expectations with respect to future performance. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside Triterras’ control and are difficult to predict. Such risk factors include but are not limited to the following: (a) a decline in general economic conditions or the global financial markets, including those caused by the Russian–Ukrainian war, (b) losses caused by financial or other problems experienced by third parties, (c) losses due to unidentified or unanticipated risks, (d) a lack of liquidity (i.e., ready access to funds for use in our businesses), (e) the ability to attract and retain personnel, (f) litigation and regulatory issues, (g) competitive pressure, (h) an inability to generate incremental income from new or expanded businesses, (i) unanticipated effects to the commodities markets due to inclement weather or other disasters, (j) losses (whether realized or unrealized) on our principal investments, (k) the possibility that Triterras is unable to successfully relist its securities on the Nasdaq Stock Market LLC or otherwise list our securities on the OTC or a national exchange, (l) the impacts of the COVID-19 pandemic, and (m) the risks and uncertainties set forth under “Risk Factors” in Triterras’ Form 20-F filed with the U.S. Securities and Exchange Commission (the “SEC”) on June 28, 2022 and in Triterras’ other filings with the SEC. Triterras cautions that the foregoing list of factors is not exclusive. Triterras cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Triterras does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
Corporate Communications, Triterras
M: +971 56 903 5311
Released January 23, 2024