Buenos Aires, Argentina, July 1, 2015
- IFC, a member of the World Bank Group, is providing a $4 million equity investment in InvoiNet a Buenos Aires-based company that makes electronic invoices available for financing in an online marketplace, thereby enabling more efficient and speedier payments to companies.
IFC's investment will support the company’s regional expansion in Brazil and Mexico while consolidating its leadership position in Argentina. InvoiNet serves more than 280 large corporations, reaching a network of more than 100,000 small and mid-sized supply and distribution companies across Latin America. InvoiNet currently handles more than $16 billion in invoices in Argentina, Brazil, Colombia, Mexico and the United States.
“IFC’s support will allow us to expand further to other Latin American countries and reach more small and medium enterprises through a financing product that is usually available only for larger corporate companies” said Pablo Sanucci, InvoiNet’s CEO.
Electronic invoicing enormously improves business efficiency, creates a more transparent economy and enables governments to more effectively measure economic activity and collect taxes. It also dramatically reduces transaction costs making it easier for businesses, big and small, to discount their receivables, and for banks and other financing companies to diversify their lending portfolios.
“Financing electronic invoices using marketplaces like InvoiNet’s can open a whole new world of financing alternatives for small and medium businesses,” said Marcos Brujis, IFC Global Director for Financial Institutions. “Latin America is a leading region in electronic invoicing and our investments in financial technology like InvoiNet support the adoption of technology-based financial services that could be then replicated in other parts of the world.”
IFC’s investment in InvoiNet follows the World Bank Group’s new Country Partnership Strategy (CPS) for Argentina, which was issued in September 2014. IFC’s engagement with Argentina’s private sector focuses on export-oriented sectors such as agribusiness, energy, infrastructure, and financial institutions. IFC’s investments in Argentina during the CPS period (2015-2018) are expected to reach US$1.7 billion.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit
www.ifc.org
About InvoiNet
InvoiNet, established in 2008 in Argentina, is the first invoice marketplace in Latin America. The company specializes in e-invoicing management and services to financing invoices y with 100,000+ companies already integrated on its platform. The Company has a regional coverage, with offices in Brazil, Colombia, Mexico and Peru. InvoiNet has US$16 billion of invoices managed on the platform.
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