AR Funding, an invoice factoring company headquartered in South Carolina and serving B2B businesses across the U.S., beat out more than 50 applicants to win top prize in the Software Development category for the StartupGVL Launchpad event.
The win was announced on Thursday, April 6th, 2023, during an evening event that took place at the Greenville One Center. AR Funding was selected to receive an app development scoping package to help them create an innovative application to automate and streamline invoice factoring transactions using blockchain and smart contracts. The company was selected by Designli, a local mobile app and web development company, to receive the prize package worth $22,500.00.
AR Funding will receive technology solution workshopping and graphic design and prototyping from Designli to build out the app concept, simulate the look, feel, and function, and create the foundation for a fully functioning app.
"We are excited to partner with Designli to bring this digital concept to life," said Gordon Farr, Executive Vice President Sales & Marketing at AR Funding. "We believe it has the potential to open up billions in working capital transactions that support the growth and resilience of American businesses."
StartupGVL Launchpad, powered by NEXT, is designed to showcase, celebrate and help launch Greenville’s up-and-coming early-stage businesses. The initiative connects startups with a network of experts in various fields who are committed to helping Greenville's thriving entrepreneurial scene reach the next level.
Invoice factoring provides businesses with a cash advance on a business’s accounts receivable. It's a way for businesses to access cash immediately instead of waiting for a 30-, 60-, or 90-day payment cycle.
The new app chosen to be prototyped by Designli will reduce the time and manual effort required to factor invoices and bring invoice factoring to industries that were previously ineligible for this type of financial support, such as medical billing.
"Invoice factoring is a $2.4 billion dollar industry supporting millions of American businesses, but factoring processes are still manual and time-consuming," explained Adam Dost, Head of Marketing at AR Funding and creator of the app concept. "By leveraging blockchain technology, we have an opportunity to make this vital financing option exponentially faster and more secure, accessible, and efficient."
About AR Funding
Since 1996, AR Funding has set the standard for professionalism, fairness, and dependability in accounts receivable funding and invoice factoring. With over 100 years of combined experience within its Greenville, South Carolina headquarters, the company provides unparalleled service and insight for clients across the U.S. Learn more at arfunding.com.
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