Incomlend raises USD 20 million in Series A round led by Sequoia, plans further partnerships: CEO
Summary
The nearly five-year-old Singaporean invoice trading platform Incomlend on Tuesday announced that it raised USD 20 million in its Series A round led by Sequoia India. Incomlend runs a marketplace where trading companies can sell their accounts receivables to “world-class” institutional investors, who profit by buying them at a discount. “We see quite a lot of volume,” Incomlend CEO and co-founder Morgan Terigi told KrASIA in a recent phone interview. In October, the startup announced a partnership with CMA CGM, which uses the platform to gain access to Trade Finance. “We haven’t had a situation yet, but it can happen that transactions never take place, that documents are not genuine.” Other potential risks are disputes between parties, which aren’t covered by credit insurance.
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