Latvian startup Factury, a blockchain-based solution for delayed payments, has been picked to Startupbootcamp’s FinTech accelerator in New York.

The three-month programme will start in April.

Factury automates payments and settlement process, enabling companies to get paid for invoices on their own terms and eliminate late invoice payments from clients. According to credit insurance management firm Atradius, late invoice payments cause liquidity squeeze for 94 percent of American companies.

Factury CEO and co-founder Sandris Murins said the startup will have a number of objectives during the programme: “Enter the US market, develop at least three pilot projects in co-operation with financial institutions, and attract seed round funding for market expansion and make key hires.”