Tuesday, Jan 31, 2023
International Finance
Technology

Singporean trade finance startup Incomlend secures $20 mn funding

Incomlend funding_IFM_Image
The funding round was led by Sequoia Capital India

Singapore-based trade finance startup Incomlend has secured around $20 million in a Series A funding round, the media reported.

The funding round for Incomlend was led by Sequoia Capital India. France-based CMA CGM Group, one of the world’s largest shipping and logistics firms, also participated in the round, Incomlend revealed.

According to the startup it helps exporters receive payments at an early stage whereas typically it takes week or months sometimes for the whole process to be completed.

Similarly, importers using Incomlend’s platform are able to minimise the risk of supply chain disruption and set more favorable payment terms.

The impact is acute in high-growth Asia where small and medium sized enterprises (SMEs) — which account for more than 95 percent of all businesses and provide two out of three private-sector jobs in the region — need more financing options to meet their growing demand. Further, low-interest rates in Asia — and negative rates in Europe — are prompting many global investors to seek alternative asset classes,” Incomlend said in a statement.

According to Morgan Terigi, co-founder and chief executive of Incomlend, the startup has processed more than $330 million in financing and covered invoice finance trades across 50 countries to date.

Abheek Anand, managing director at Sequoia Capital India also said in a statement, “The massive trade finance gap, combined with declining global interest rates and the high credit quality of Incomlend’s customers, has helped them create a compelling business that helps solve one of the most important challenges faced by global SMEs.”

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