Early payments finance technology business Obillex has secured £3 million in funding, led by Dawn Capital and supported by MMC Ventures.

The investment will underpin and accelerate Obillex’s product development and rollout in the UK.

Obillex provides a solution for organisations to rapidly settle supplier invoices, and is suitable for businesses of all sizes across both public and private sector.

The patented solution, which works by linking multiple participants to supply chain finance transactions, also provides benefits to business stakeholders such as capital market investors and e-invoicing providers.

Dawn Capital, supported in the round by MMC Ventures, is investing £3 million to support Obillex’s further product development and rollout in the UK.

Josh Bell, partner at Dawn Capital, will join the board of directors.

Bell said: ‘Dawn Capital is always looking for novel and cutting edge new FinTech solutions. Supply Chain Finance is a sector ripe for innovation and we believe Obillex’s proprietary product and strong team are well placed to win in this market.’

Jon Coker, partner at MMC Ventures added: ‘Obillex is building its UK presence at time of change in supply chain finance, making the opportunity to invest and support the company all the more exciting. We’re looking forward to working with Damian and his team and to watching the company’s next stage of growth.’

Alan Morgan, chairman at Obillex, feels there is an opportunity to enable institutional finance to participate directly in funding suppliers: ‘Obillex aims to enable this process and we are delighted that Dawn Capital and MMC Ventures have backed us in this development.’

Obillex’s founder Damian Crowe welcomed Dawn Capital and MMC Ventures as shareholders. He said: ‘It’s exciting to have such experienced investors joining our team and to know that Obillex now has the runway to deliver our business system into the market and to be able work closely with our existing clients and partners to develop capabilities consistent with the structural changes taking place in the market.’