SG’s Incomlend raises $20m in Series A led by Sequoia India

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Singapore-based trade finance startup Incomlend has raised $20 million in its Series A round led by Sequoia India, according to a statement.

The round also saw the participation of CMA CGM Group, one of the world’s largest container transportation and shipping companies.

Incomlend operates an invoice trading platform, which connects exporters and importers with investors. Exporters are paid early for supplied goods and services, while importers get to extend payment terms. Investors, on the other hand, gain access to a new alternative asset class by participating in this exchange.

The firm aims to bridge the $1.5 trillion trade finance gap, brought about by a credit crunch faced by many cross-border trading companies around the world. According to 2019 report by ADB, over 40 per cent of trade finance applications by small and medium enterprises (SMEs) are rejected by banks. This financing gap continues to widen with the rise of compliance costs due to Basel I and II regulations.

In the meantime, SMEs represent a significant majority of Asia’s businesses. Some 95 per cent of all businesses are SMEs providing some two out of three private-sector jobs in the region.

“Incomlend’s mission is to increase financial inclusion on 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” said Morgan Terigi, CEO and co-founder of Incomlend.

“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, said Abheek Anand, managing director, Sequoia Capital (India) Singapore.

The freshly raised capital will be used to drive Incomlend’s expansion into Europe, Southeast Asia and North Asia, while advancing the development of its invoice product. It will also focus on increasing the funded volumes of trade receivables. To date, Incomlend has facilitated over $330 million in financing and covered invoice finance trades across 50 countries.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.