Incomlend, a Singapore-based online invoice trading platform, raised US $20m in Series A funding.
The round was led by Sequoia India with participation from CMA CGM Group, a world leader in shipping and logistics.
The company intends to use the funds for expansion into Europe, Southeast Asia, and North Asia, while advancing its technological development in digital invoice finance underwriting and processing.
Founded in 2016 by Morgan Terigi and Dmitri Kouchnirenko, Incomlend provides a global invoice exchange platform that connects exporters and importers with institutional investors. Through the system, exporters can get paid early for supplied goods and services while importers are able to extend payment terms and minimize the risk of supply chain disruption. Investors, meanwhile, can access a new alternative asset class and accelerate return on capital. Incomlend works with clients across Europe, North America, and Asia among others.
As part of the series A fundraise, the company has also appointed a new Deputy CEO, Marc Mathenz. Mathenz is a leader with more than 15 years’ experience in the Fintech and Payments space. He served as the Asia Pacific Regional Managing Director for both Fiserv as well as First Data over the last 10 years.