Supply chain finance platform, Kredx on June 1 announced its expansion of its services into post-shipment export financing with KredX Global Trade. It aims to empower businesses and their trade partners to have quick, digital and collateral-free access to liquidity against their receivables at competitive market rates. KredX said it will initially focus on providing financing solutions to Indian corporates for international trade between key trade corridors: United States, Europe, Middle East and the rest of Asia.
It said, so far, the company has disbursed $100 million plus in funding requirements.
This will offer SME corporates an alternative source of financing driven by performance-based lending criteria instead of collateral based, at competitive rates. Further, it will provide investors an opportunity to invest in/gain exposure across a larger band of trade receivables along with access to credible and real time insights into asset quality, underlying transaction documents with investment structures and risk profiles.
“This is an incredible milestone for us as we continue to exponentially grow the volume of transactions on our network. KredX has witnessed robust transaction flows via its platform. More than 6 billion transactions have been processed till date and 40,000+ businesses have increased their capital velocity 25-30 times in a year on an average. We are very excited about our expansion into global trade services and are ecstatic at extending our capability into a larger array of services,” Manish Kumar, Founder and CEO at KredX said.
Kumar added, “With this new proposition we hope to bring door-step and affordable finance to businesses of all sizes against their exports and imports. We have also partnered with leading financiers in key global markets to create hassle free financing options and more tie-ups are impending. KredX aims to accomplish a book size of $2 billion by end of financial year 2023 and we expect a 25-30% impact on the overall business within a period of 1 year through this new proposition.”