Incomlend, a global invoice financing marketplace and cross-border trade facilitator, has announced a new invoice financing program for a pan-European metal trading firm.
Founded in Singapore and with offices around the world, Incomlend connects SMEs globally with communities of investors. This enables them to buy and sell individual invoices via a proprietary tech-enabled and secure invoice exchange platform.
The invoice financing solution will assist the metal trading firm with the working capital required to make payments when purchasing raw materials from their suppliers. The firm will also have the financial agility to keep its business running. This is especially important due to the decline in the supply of ferrous metals during the pandemic because of supply chain issues.
Incomlend explains that the typical trade cycle in this industry is approximately three to four months. It takes the firm additional 90 days to cash in an invoice that can range anywhere between €700,000 up to €2.5 million. By utilizing Incomlend, an invoice can be turned into cash in as quickly as three days after the goods are shipped.
Incomlend CEO and Co-founder Morgan Terigi commented:
“Lockdown measures have resulted in supply chain challenges and impacted the supply of steel and other raw materials globally, affecting the revenue and cash flow of SMEs in the materials trading business. We’re aware of the challenges faced by these businesses even before the pandemic upended the industries worldwide. Incomlend is committed to helping companies overcome these challenging times. Through our competitive invoice financing solutions, SMEs can finance their operations and continue to generate revenue for global trade to grow.”
