FIMBank Collaborates with Finverity to Offer Global SCF and Factoring Solutions to Mid-market Companies

Finverity, the mid-market supply chain finance platform focused on emerging markets, and FIMBank, a leading provider of trade finance, factoring and forfaiting solutions, today announced the launch of a strategic partnership to improve supply chain finance (SCF) and factoring solutions to mid-market companies globally.

As part of the partnership, FIMBank has joined Finverity's supply chain platform, which provides a seamless origination-to-execution servicing infrastructure. This includes pre-qualified deal flow, transaction processing, real-time risk management and reporting.

The partnership envisages FIMBank scaling up its payables and receivables financing through Finverity's platform. The first deals, which have already been deployed, are focused on the IT sector in the UAE, while the current phase of scaling up expands industry coverage to agro commodities in the Middle East as well as conglomerates in Eastern Europe.

The partnership will bring FIMBank into the wider trade finance ecosystem on Finverity's platform. This includes identifying co-funding opportunities, transaction cross referrals and a wider collaborative environment as Finverity's platform grows in terms of deal flow and funding volumes.

Viacheslav (Slava) Oganezov, Co-Founder & CEO at Finverity, said: "It is still early days for mid-market companies in their digital trade finance journey but there is no doubt that smart digital solutions are the way forward for the sector, allowing funders and fintechs to collaborate with the objective of better serving corporate clients. We are therefore delighted to be partnering with FIMBank as it embraces the digital revolution to scale up its trade finance operations globally and allocate much-needed capital more efficiently."

Kamel Moris, Chief Commercial Officer, Trade & Commodity Finance & Shailesh Bhala, Senior Executive Officer at FIMBank DIFC Branch, commented: "FIMBank identified Finverity as one of the few platforms actually delivering on deal flow origination in the mid-market corporate sector. The ease of use, strong risk management and reporting, and the best technology we have seen to date combined with strong deal flow origination made for a clear choice. As an established finance provider to the mid-market corporate sector, FIMBank looks forward to scaling up its trade finance operations digitally and providing our clients with the services they need and deserve."

Source: The Government Business Journal