India, 19 February, 2023: CredAble, a leading FinTech player in supply chain finance and SBI Global Factors Ltd. (SBIGFL), India’s premier factoring company, announced their strategic business partnership. The partnership is aimed at revolutionising domestic and export factoring, reverse factoring, and Letter of Credit (LC) Bill Discounting transactions.
For years now, CredAble’s trade financing solutions have been pushing the frontiers of innovation, helping businesses both big and small tap into exponential growth. The collaboration with SBIGFL represents a significant opportunity for CredAble’s NBFC to expand its lending operations and reach new milestones in the financial services landscape. Moreover, this partnership is crucial for CredAble’s NBFC arm to leverage SBIGFL’s extensive market presence and expertise. It will significantly enhance lending capabilities, reaching a broader spectrum of businesses and delivering tailored financial solutions to meet their diverse needs.
Mr. Manu Prakash, MD – Global Head of Wholesale Lending, DCM & FI Coverage at CredAble highlights the strategic significance of this alliance, stating, “This partnership marks a transformative milestone for our trade and factoring suite of solutions, unlocking new growth opportunities in a fragmented market. Through leveraging our extensive experience, our goal is to maintain a revolving portfolio of short-term invoices, thereby enhancing operational efficiency and global market competitiveness. Providing our clients with a comprehensive one-stop solution, we empower them with access to financing for large-ticket transactions. Our collaboration with SBIGFL underscores our unwavering commitment to delivering unparalleled value to our clients. Together, we are poised to lead the way in supply chain finance innovation.” .”
Moreover, the collaboration implements a proactive lead generation strategy, delivering SBIGFL filtered leads for faster conversions. Joint client pitching initiatives will present a unified solution, streamlining financial processes and ensuring a swift response to evolving supply chain business needs
Mr. Bharat Kumar Mishra, MD & CEO at SBIGFL India elaborated, “The resilience of factoring and receivables financing structures holds strategic significance in global trade financing, especially as economies across the world undergo unprecedented shifts. For SBI Global Factors Ltd., this collaboration with CredAble represents a transformative opportunity enabling the company to edge closer to our target of 15X revenue growth and expand market presence across the globe.”
Within this partnership framework, SBIGFL and CredAble have established referral arrangements spanning domestic and export factoring, reverse factoring, and Letter of Credit/Bank Guarantee (LC/BG) backed bill discounting transactions. These referral arrangements span a spectrum of financial services, leveraging CredAble’s tech-driven approach and digital underwriting capabilities for fast and efficient borrower onboarding. With a focus on user experience enhancement, both entities aim to streamline processes and provide tailored solutions to large business houses seeking domestic and export limits.
Mr. Vivek Pachauri, CBO at SBIGFL India added, “Embracing a solutions-oriented strategy, we have restructured our initiatives and forged partnerships with leading FinTech companies to enhance our value proposition and drive long-term growth. Our collaboration with CredAble signifies another step forward in fostering strategic customer alignment and solidifying our position as India’s premier factoring company. Backed by CredAble’s advanced digital capabilities, we are poised to enhance our market presence and deliver exceptional value to our esteemed clients.”
The global factoring market is projected to reach USD 5680.17 billion by 2031, representing the multi-billion-dollar industry of providing finance against global invoices. In this dynamic landscape, the collaboration between CredAble’s tech-driven solutions and SBIGFL’s industry expertise becomes increasingly significant. Together, they not only align with evolving trends in the factoring industry but also redefine standards in supply chain finance.
About CredAble: Established in March 2017 by Nirav Choksi and Ram Kewalramani, CredAble is India’s largest working capital technology platform enabling more than USD 6 billion annually in working capital for India Inc. which includes large, mid, emerging corporates, MSMEs, and financial institutions. CredAble’s platform hosts over 100 corporate customers, over 3,00,000 small business borrowers, and over 35 large financial institutions and banks. By leveraging technology built in-house, expertise in big data analytics, trade finance, and partnerships with capital providers, CredAble leads the working capital space while witnessing over 500% year-on-year growth.
Backed by well-known investors such as Oaks Asset Management, Plutus Wealth Management LLP and Axis Bank Limited, the company was granted NBFC (BBB Stable) license by RBI in 2019 and offers post invoice discounting and other working capital finance products. Apart from catering to the financial needs of the SME segment, the company offers financial services through its platform products to customers such as Large Corporates, Mid-Market and Emerging Corporates, Financial Institutions.
The Company was recently awarded as fintech startup of the year 2022 at The Asset Triple A Digital Awards 2022 followed by “The Best Banking Tech of the Year” at the Asia Fintech Award 2022 for building a tech stack that is robust & agile which has transformed the working capital landscape in the country. It was also awarded in the Fintech, and Deep Tech categories at NASSCOM Emerge 50 Awards 2020 and as the Best Supply Chain Finance Solution of the Year 2019 at the Inflection 2019, a leading supply chain summit. The Company was selected into the Oracle Startup Cloud Accelerator Program 2018, SAP Startup Studio Cohort 2020, and was also recognized by the Maharashtra Government as the Best FinTech Startup 2018.
To know more, please visit: https://www.credable.in/
About SBI Global Factors Ltd.: SBI Global Factors Ltd (SBIGFL), a subsidiary of State Bank of India, is Non-Banking Financial Company regulatory by Reserve Bank of India. SBIGFL provides Domestic and Export Factoring services under one roof. It is headquartered in Mumbai with 11 Branches across India. SBIGFL aims to be India’s premier factoring company.
To know more, please visit: https://www.sbiglobal.in/
