Incomlend, Singapore-based trading finance company has announced picking up $20 million as part of Series A financing led by Sequoia Capital India. The round also saw participation from shipping and logistics group CMA CGM. Prior to this round, International Finance Corporation had led a $5 million venture round financing in 2019. GTR Venture is the other backer of the firm. The current financing takes the total amount raised by the firm to $25 million.
Incomlend was launched in 2016 by Morgan Terigi and Dimitri Kouchnirenko as an online multi-currency invoice exchange platform that connects businesses and private funders. One of the major points the firm is solving is helping the dues reach to the traders in a quicker way through AI-powered underwriting technology to enable exporters to receive early payment.
Terigi, the co-founder of the firm talking about the firm said that “Incomlend’s mission is 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."
The firm plans to use the freshly raised capital for their plans of expansion in Europe, Southeast Asia, and North Asia. It will also use the funds to boost its technology stack. The firm claims to have facilitated around $30 million in financing in at least 50 countries.
Sequoia Capital India's Managing Director Abheek Anand through a statement said that “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."
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