Singapore's Incomlend Raises $20 Mn In Series A To Expand Its Market Morgan Terigi-led startup will utilize the fresh funds to expand into Europe, southeast Asia and north Asia

By Debarghya Sil

You're reading Entrepreneur Asia Pacific, an international franchise of Entrepreneur Media.

Incomlend
Morgan Terigi, CEO and Co-Founder, Incomlend

Singapore-based Incomlend, an online invoice trading platform, on Tuesday announced it has raised $20 million funds in Series A round led by Sequoia India. The CMA CGM Group, a player in shipping and logistics, also participated in the round.

Incomlend's platform helps exporters and importers connect with institutional investors. Through Incomlend, exporters can get paid early for supplied goods and services while importers are able to extend payment terms and minimize the risk of supply chain disruption. Investors, meanwhile, can access an attractive new alternative asset class and accelerate return on capital.

The company will be utilizing the fresh funds to expand its operations into Europe, southeast Asia, and north Asia. The investment will also be used to advance its technological infrastructure.

"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, chief executive officer and co-founder of Incomlend. 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–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) Singapore.

Founded in 2016 by Morgan Terigi and Dimitri Kouchnirenko, Incomlend's model is designed to solve the credit crunch hampering growth among cross-border trading companies worldwide. Increased regulation in the post-Basel I and Basel II era has driven up compliance-related costs borne by lenders, prompting bankers to pull back, thus creating a trade finance gap of $1.5 trillion. The company till date has processed more than 2000 transactions and covered trade in over 50 countries.

Wavy Line
Debarghya Sil

Entrepreneur Staff

Former Correspondent

Related Topics

Business Ideas

100 Businesses You Can Start With Less Than $100

There are many obstacles to starting your own business, but money isn't always one of them.

Growing a Business

How to Grow Your Business With Social Media

Miriam Fried, owner of MF Strong, shares why a solid online presence, including social media and Yelp, is important for starting a business and achieving continued growth.

Growing a Business

14 Easy Ways to Rank Your Website Higher on Google

Despite Google's algorithm and regular updates, you can quickly boost your website's ranking with these tips.

Leadership

I Accidentally Became a Successful Entrepreneur. Here Are 5 Mistakes I Learned to Avoid When Starting a Business

PR is, at its core, storytelling. And the story of my now-thriving solo-owned business has been fraught with as many mistakes as successes, as many fall down the ladder as steps up. It's from my missteps, in fact, that I learned even more than from my triumphs, and this article presents 5 of my biggest blunders on the road to a flourishing small business.

Business News

A $12 Million Ship Collision Was Caused By a Texting Employee

Investigators found that the watch officer made a personal phone call and sent text messages prior to the collision.

Business News

After Being Told They Could Work From Home Forever, Employees Made Major Life Changes. Then, a New CEO Ordered Them Back to the Office.

Farmers Group CEO Raul Vargas is facing backlash for the change, but he says being in the office brings more "collaboration" and "innovation."