Incomlend, a global online invoice trading platform that aims to democratize access to trade finance, announced that it has raised a $20 million Series A round led by Sequoia India.
The CMA CGM Group, a world leader in shipping and logistics, has strengthened the existing partnership with Incomlend by also participating in the round, to create strong and innovative synergies between the financial and logistics flows, thus facilitating access to trade finance, IncomLend said in its press statement.
The company will use the Series A round to drive expansion into Europe, Southeast Asia, and North Asia, while advancing its technological development in state-of-the-art digital invoice finance underwriting and processing to fuel the real economy.
“Incomlend’s mission is to increase financial inclusion on non-recourse basis for companies of all sizes across the globe while offering investors real alternatives non-correlated to financial markets to existing asset classes” said Morgan Terigi, CEO and Co-founder of Incomlend and further states: “International trade is the cornerstone of Asia’s economy, and we aim to help exporters develop their business by providing alternative working capital finance when and where they need it. Our partnership with CMA CGM and Sequoia India is a major milestone for Incomlend’s growth and drive toward creating a stronger, safer and more efficient trade finance environment globally.”
Marc Bourdon, Senior Vice President – Commercial & Agencies Network, CMA CGM Group, states: “As a world leader in shipping and logistics, the CMA CGM Group is committed to offering its clients ever-more dedicated and tailored solutions. In this regard, innovation and digitization are essential tools which offer us tremendous opportunities for growth, differentiation and performance. This is the reason why Incomlend’s approach resonated with us. Our partnership will allow us to create strong and innovative synergies between the financial and logistics flows, thus facilitating access to trade finance for our customers.”
“Incomlend’s technology platform is bringing much needed financial innovation to the backbone of global trade. 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. We look forward to partnering with Incomlend in their next phase of growth,” said Abheek Anand, Managing Director, Sequoia Capital (India) Singapore.
Incomlend’s global invoice exchange platform connects exporters and importers with world-class institutional investors. Through Incomlend, exporters can get paid early for supplied goods and services while importers are able to extend payment terms and minimize the risk of supply chain disruption. Investors, meanwhile, can access an attractive new alternative asset class and accelerate return on capital.
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