Incomlend, the Singapore-based operator of an online trade finance platform, received $20m on Monday in a series A round featuring shipping operator CMA CGM.
The round was led by Sequoia India, an affiliate of venture capital firm Sequoia Capital. It followed an undisclosed amount in March 2018 from GTR Ventures, the investment arm of trade media company Global Trade Review.
Founded in 2016, Incomlend operates an online exchange where users can access cross-border trade finance by selling export invoices to investors at a discounted rate. Investors on the other hand can benefit from a fixed income product with an average lifecycle of less than four months.
Marc Bourdon, senior vice-president of CMA CGM’s commercial and agencies network, 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 digitisation 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.”
