Peter Rex, founder and Executive Chairman of Rex, announced that PayUp, a Rex company, has partnered with Austin-based nFusion Capital. PayUp is a technologized early payment solution for small and medium-sized businesses ensuring convenient and affordable access to capital. nFusion Capital is a private working capital finance company delivering customized financing solutions to small and medium-sized businesses.
"Labor and materials prices are expected to continue to rise due to inflation and shortages, and 87% of vendors don't qualify for traditional lending, PayUp is building technology to manage the arbitrage in credit worthiness between these vendors and customers. A line of credit from a partner like nFusion Capital is only going to help PayUp meet that rising demand,"
- Peter Rex
PayUp partners with businesses and their customers to expedite payments providing a fully integrated experience that seamlessly fits into existing invoicing workflows and provides instant verification and early, predictable payouts.
We are excited to partner with PayUp and provide the capital they need to continue to grow their market, In a world where many companies hide behind jargon and fake tech, PayUp is the real deal. It is fin-tech that has developed a truly one-of-kind platform built with technology that solves a real-world problem and we look forward to their continued success, said Jason Lippman, CEO of nFusion Capital.
This line of credit will allow PayUp to factor $50M+ in invoices & achieve a multi-million dollar ARR, As we partner with high credit quality customers, we expect to raise larger debt facilities at lower costs of capital, thereby generating margin expansion for our current investors, said Denver Lobo, co-founder and CEO of PayUp.
Since its May 2022 launch, PayUp has processed thousands of invoices totaling well over $1.5M in payments. Over the next 6-12 months PayUp will be focused on accelerating growth of their customer base and hiring key personnel.
Rex is a technology, investment and real estate company whose mission is to empower the billions of people who use real estate to live, work, and play. Rex has launched Tech Ventures Real Estate (TVRE), a single venture to disrupt real estate - the world's largest asset class. TVRE leverages Rex's access to 10k+ apartments, an in-house startup studio and elite tech team that conceives of, launches, and scales revenue generating businesses at an industry leading pace. Founded by Peter Rex and headquartered in Austin, Texas, Rex has been named a Forbes "Best Place to Work."
PayUp is a fintech company serving small and medium-sized businesses with early payment solutions. PayUp's technology allows vendors to get paid early on their timeline.
About nFusion Capital
nFusion Capital brings a unique approach to the world of business finance – as optimists we start from a position of "yes we can" and aggressively work on behalf of our customers to ensure their success.