Fintechs turn to Blockchain to Boost Invoice Transparency

Fintechs turn to Blockchain to Boost Invoice Transparency

13 October 2020 by Margrith Lütschg-Emmenegger

nasa-53884-unsplash fintech and techno.jpg
  • Crowdz & TFM partner to introduce Invoice Check to suppress invoice finance fraud, and enhance Crowdz’ market-leading risk assessment tech, SuRF Score

  • Anti-fraud blockchain tech to be rolled out to hundreds of SMBs racing to alternative finance options to rebound from the COVID-19 economic current state

CAMPBELL, CA, OCTOBER 12, 2020: Invoice financing and transaction company, Crowdz, has today announced it will introduce fraud-detection application Invoice Check, by Trade Finance Market (TFM) as part of its SuRF Score product.  Crowdz is working to create the market’s most accurate risk assessment technology for investors. 

TFM will join a variety of inputs that comprise the Crowdz SuRF Score, specifically to pinpoint and combat invoice fraud, when fraud is at an all-time high during COVID-19.

This collaboration will increase transparency and security for funders, and provide liquidity for hundreds of small businesses, many of whom have struggled to secure bank financing to bounce back from the COVID-19 crash.

Since the beginning of the pandemic, Crowdz has experienced 5,000 percent growth in business users accelerated by a surge in demand to improve cash flow during the toughest economic downturn in decades. This growth has resulted in a $2.2 million Series A+ reinvestment led by BOLD Capital Partners despite the pandemic.

CEO and Co-founder of Crowdz, Payson Johnston, said the rapid increase in demand for financing meant the company would also need bolster its ability to create value and reduce risk for funders on the platform.

“In regular market conditions, let alone the current COVID-19 crisis, investors want to ensure invoice finance fraud, such as double-financing or defaulting, is not an issue.

“By introducing Invoice Check, to our SuRF Score risk assessment product, Crowdz can better protect its customers with secure, tamper-proof blockchain technology. We’re able to ensure the validity of invoices, encrypt transaction data, and mitigate double-financing. This feature comes at a crucial time when fraud is rampant, businesses are vulnerable,” he said. 


Executive Director of Trade Finance Market, Raj Uttamchandani, sees the collaboration with Crowdz as a demonstration of how fintechs are taking the lead in making it easier for businesses to access liquidity – much needed at this challenging time.

“Due to potential fraud, the inability to validate invoices is an obstacle for companies in obtaining finance quickly.

“Invoice Check provides a solution which utilizes blockchain in a way that has never been done before - providing funders with security and ensuring finance reaches the many small businesses which really need it, thereby protecting countless jobs and livelihoods,” he said.


Crowdz is overhauling the accounts receivables space by creating an alternative financing solution for small businesses that often struggle to obtain traditional bank financing. Its technology, which enables small businesses to sell invoices for financing, reduces cash flow bottlenecks and gives small businesses capital to survive and thrive.

For more information, visit and




About Crowdz


Crowdz is modernizing invoice financing and invoicing practices, particularly for small and midsize enterprises, to revolutionize the $9 trillion worldwide receivables market.


Founded in 2014, Crowdz is headed by its co-founder and CEO, Payson E. Johnston, who served for 18 years’ as global B2B supply-chain Senior Manager for Cisco.  In 2019, Crowdz closed a $6.1M Series A led by Barclays Bank and BOLD Capital Partners. It has raised $9.1 million in venture capital to date.  Crowdz’s technologies are covered by multiple pending patents.


Crowdz is a graduate of the world-renowned Techstars, 500 Startups, and Plug & Play accelerator programs. Investors in Crowdz include; Barclays, BOLD Capital Partners, Techstars, Augment Ventures, Task Force Capital. Angel investors in Crowdz include; Chris Adelsbach, Managing Director of Techstars; Susan Standiford, Chief Technology Officer for IKEA; and Dr. Jürgen Wolff, Founder and Former Chief Executive Officer of Mercedes Pay.


About Trade Finance Market

Trade Finance Market (TFM) is a fintech leader in developing decentralized ledger technology applications and providing alternative trade finance solutions  – especially in emerging markets. Trade Finance Market is backed by GTR Ventures and the executive team consists of experts in trade finance and technology - including Brad Lucas, TFM’s CTO and a recognized thought leader in blockchain and COO Margrith Lutschg  Emmenegger previously President of FIMBank.


For more information please contact and


With the support of FIT_Entiteitslogo_op1lijn_EN.jpg