Capsa Technology Signs Partnership Deal with UAC Foods
An alternative financing startup, Capsa Technology, has said it has signed up a new partner for its invoice factoring product.
The company said in a statement that it signed a collaboration agreement with a food and beverage company, UAC Foods Nigeria, recently.
The statement said this happened a few weeks after the company announced its partnership with an agri-business, OLAM Group.
It said, “Capsa’s partnership with UAC Foods will open up more financing opportunities for suppliers under the UAC Foods network all over the country.
“This means that UAC Foods suppliers will now have the option to convert their invoices to immediate cash on Capsa’s platform without having to wait out the mandatory payment cycle or terms included in their contract with UAC Foods.”
Mustapha Suberu, the Co-Founder and Chief Executive, Capsa, said the collaboration between the two companies would open flexible funding opportunities for suppliers under the UAC Foods network.
Suberu, said, “Our collaboration with UAC Foods demonstrates the increasing relevance of our solution in building a sustainable ecosystem for businesses in Nigeria.
“UAC Foods suppliers can leverage the flexibility of Capsa’s platform to easily boost their working capital. In addition, UAC Foods suppliers can now comfortably expand their businesses in a cost-effective way compared to traditional financial methods.”
On his part, Dele Ajayi, the Managing Director/Chief Executive Officer, UAC Foods, said the collaboration would be a win-win for all the parties involved.
Ajayi said, “There are financial implications to effective and quality service delivery which impact the performance of our suppliers in working with us.
“Our collaboration with Capsa Technology would potentially provide our suppliers, especially the SMEs amongst them, with timely and affordable financing to meet their working capital requirements and ultimately result in a win-win for all parties involved.”
Capsa was founded to create access to competitive financing for small businesses in Africa, the statement said.
