New Venture to Provide Safer, Faster, and More Secure Payment For Small and Medium Enterprises (SMEs)
SINGAPORE/LONDON – Global online invoice exchange platform Incomlend announced a new partnership with trade finance digitisation specialist Bolero International. The new venture aims to increase the small and medium enterprise documentation quality to make investors’ investment safer. Incomlend is an international invoice exchange platform that connects multinational corporations with communities of investors. The platform enables them to buy and sell individual invoices online, mainly for cross-border transactions involving marine shipments.
The partnership is also a natural evolution towards enhanced digitisation, thus focusing on the core marine document, which is the traditional bill of lading (BL, a document that acknowledges the carriage of goods). The process will provide optimal traceability for Incomlend, and consequently, more safety for the investors. It will also increase the quality of the investment. Through Incomlend, payments are managed and tracked from start to finish, ensuring complete transparency and security for each transaction.
“Our new global initiative with Bolero will enable smoother online transactions for both exporters and investors, thanks to the digital bill of lading. We’re privileged to partner with Bolero, who can help our users increase their shipping documentation quality. In turn, our users will have access to lower rates of financing when requesting for digital BL,” said Incomlend CEO and Co-Founder Morgan Terigi.
Andrew Raymond, CEO of Bolero International, said: “Our exciting new joint project with Incomlend expands our ecosystem into the non-banking finance sector and brings our service to a wider range of clients who find it difficult to access trade finance from well-established institutions. Incomlend is as committed to the democratisation of trade finance as Bolero.”
Incomlend is one of the few invoice exchange platforms globally that possesses cross-border capabilities for online trading. When completed through Incomlend, transactions can occur across multiple countries with credit insurance on offer for enhanced protection. The invoice exchange funds export receivables through invoices to investors at a discounted price.
This new technology allows importers and exporters to receive their payment on time through Incomlend’s unique software compared to the older model of a fixed date system where suppliers get paid at the end of the month.
The partnership with Bolero marks a significant growth period since Incomlend’s initial pre-seed funding of US$465,000 in 2016, followed by the second round of funding which raised US$1 million in 2017. The platform announced a US$20 million Series A funding round last August.
For more information on Incomlend, visit https://www.incomlendcapital.com/