The Receivables Exchange, a New Orleans-based entrepreneurial firm has secured $17 million in Series C investment financing, led by a new commitment from Boston's Bain Capital Ventures. The firm's online marketplace provides a valuable financial tool for small and medium-sized businesses that seek quick access to working capital.
"The Receivables Exchange is a game-changing innovation that we believe, based on our experience with hundreds of portfolio companies, can revolutionize the way businesses manage their cash flow and fund their day-to-day operations," says Jeffrey Schwartz, Managing Director of Bain Capital Ventures.
Favorable business conditions in the Greater New Orleans region have facilitated the firm's growth, according to The Receivables Exchange President and Co-Founder Nic Perkin. "When considering where to launch and grow The Receivables Exchange, New Orleans won out over several cities because of its quality of life factors, attractive financial incentives, and other competitive advantages," says Perkin. "New Orleans' globally recognized brand and its cost of living have helped us recruit and maintain talented staff, while the cost of starting and running a business has helped us operate at a fraction of the cost of other major cities."
The new venture capital funding will allow The Receivables Exchange to more than double its current workforce in New Orleans over the next three years. The firm anticipates adding at least 60 new jobs with an average annual salary of $70,000. To provide additional financing for the firm's growth, Louisiana Economic Development reports that The Receivables Exchange will utilize the state's Digital Interactive Media Tax Credit, which provides up to a best-in-class 35 percent credit on qualified expenditures, and also its Quality Jobs program, which offers a cash rebate to companies who create well-paying jobs and promote economic development. Greater New Orleans, Inc. is assisting The Receivables Exchange with these incentives, and is also providing marketing support.