Demica, a working capital Fintech, has announced an alliance with Bank of Montreal (BMO) to provide supply chain finance solutions for their clients. The partnership with BMO is the first with a bank in North America.
BMO is the 8th largest bank, by assets, in North America with total assets of $830 billion.
According to a release, Demica will license its technology platform on a white label basis, providing a range of services including buyer integration and supplier onboarding to BMO.
Demica reports that it currently has over $15 billion of Assets under Administration with its global corporate and financial institution clients.
Peter Grills, Head of Global Trade at BMO, commented on the agreements saying BMO is excited to be working with Demica as a strategic partner for supply chain finance services.
“We are impressed by the platform’s new features and functional simplicity and we look forward to offering this enhanced service to our customers and driving growth across BMO’s Global Transaction Banking community.”
Demica’s Chief Commercial Officer, Maurice Benisty, said the alliance with BMO is an important step for Demica, as they grow the business in North America.
“We have established dedicated local resource to serve BMO and are very focused on delivery for them and their customers.”
Demica reports growing at 40% per year. Demica’s platform manages working capital programs for over 400 corporates.