By Lisa Walls-Hester on 6th February 2017
Populous, a London-based startup, is set to launch a smart contract invoice marketplace. The new platform will use blockchain to disrupt the invoice financing industry.
The platform’s distributed ledger technology will generate and transmit smart contracts and create a digital marketplace through which small businesses can finance their unpaid invoices.
It says it will provide cheaper and faster access to capital for businesses, with attractive yields for investors.
Where Populous differs to any current alternative lending platform or traditional institution comes down to its bespoke algorithm, fusing contemporary data science to precisely credit score applicants with innovations in automated settlement via smart contracts secured on the blockchain, while using IXBRL data to generate targeted opportunities.
This has enabled Populous to create an ultra-fluid marketplace, targeting specific small and medium enterprises that meet precise lending criteria to mitigate the risk of any delinquency. And it is agile enough to oversee the funding and repayments of participating investors autonomously.
The platform has been in development for 24 months and will be fully operational by Q2. The company has so far been self-funded by Populous’s CEO, Stephen Williams. Williams believes Populous will be the first smart contract blockchain-based financial services’ provider ever created.