Incomlend, a global online invoice exchange platform headquartered in Singapore, has raised US$20 million in Series A round of investment led by Sequoia India. Existing investor CMA CGM Group, a company operating in the shipping and logistics industry, also participated.
The fintech firm will use the funds to drive expansion into Europe, Southeast Asia and North Asia, while advancing its technological development in digital invoice finance underwriting and processing.
Incomlend was established in 2015 by former Columbia Business School classmates Kouchnirenko and Morgan Terigi as software that could provide finance directly to trading companies from a private investor pool.
Its invoice exchange platform connects exporters and importers with institutional investors. Through Incomlend, exporters can get paid early for supplied goods and services while importers are able to extend payment terms and minimise the risk of supply chain disruption.
Investors, meanwhile, can access an attractive new alternative asset class and accelerate return on capital.
“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 Terigi. “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.”