Incomlend, a Singapore based start-up, has raised US$ 20M in its Series A funding round led by Sequoia Capital India.
Additionally, French-based CMA CGM Group, the world’s fourth-largest container shipping group, participated in the Series A round.
Founded in 2016 by Morgan Terigi and Dimitri Kouchnirenko, Incomlend operates a platform focussed on trade finance and global invoice trading. The platform connects importers and exporters with institutional investors from around the world. Exporters can use investments to get early payments for their goods and services. On the other hand, importers can use funding to extend payment terms and minimise risk for areas such as their supply chain. Incomlend can onboard clients and process trades faster, with better granularity and higher flexibility, compared to traditional finance. It provides companies with an alternative and balance sheet neutral source of funding through a transparent process.
During the COVID-19 pandemic, Incomlend has a key role to play. It provides the much needed liquidity to companies in times of global supply chain disruptions caused by the pandemic. On the investor side, capital is protected against debtors’ credit risk through leading credit insurers.
Looking at increasing the funded volumes of trade receivables, the company will use the Series A round funding to drive expansion into Europe, Southeast Asia, and North Asia. In addition, it will advance its technological development in state-of-the-art digital invoice finance underwriting and processing to fuel the economy.
Till now, the start-up has facilitated over US$ 30M in financing, and covered services in at least 50 countries.
Statements from Incomlend and the investors
Morgan Terigi, CEO and co-founder of Incomlend, explained Incomlend’s mission to increase financial inclusion on a 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.
He further stated, “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 of Commercial and Agencies Network, CMA CGM Group, said, “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.