CredAble, a prominent FinTech player in supply chain financing, and SBI Global Factors Ltd. (SBIGFL), India’s largest factoring provider, have established a strategic alliance aiming to revolutionize domestic and export factoring, reverse factoring, and Letter of Credit (LC) Bill Discounting activities.
For years, CredAble’s trade financing solutions have been pushing the boundaries of innovation, assisting businesses of all sizes to capitalize on exponential development. The relationship with SBIGFL represents a substantial opportunity for CredAble’s NBFC to grow its lending operations and achieve new milestones in the financial services industry. Furthermore, this relationship allows CredAble’s NBFC arm to benefit from SBIGFL’s considerable market presence and expertise. It will greatly improve lending capacities by addressing a broader range of businesses and providing specialized financial solutions to fulfill their various demands.
Manu Prakash, MD – Global Head of Wholesale Lending, DCM & FI Coverage at CredAble stated, “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.”
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Furthermore, the cooperation employs a proactive lead generation strategy, providing SBIGFL-filtered leads for faster conversions. Joint client pitching campaigns will present a unified solution, reducing finance processes and ensuring a rapid reaction to changing supply chain business needs.
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 relationship framework, SBIGFL and CredAble have created referral arrangements for domestic and export factoring, reverse factoring, and Letter of Credit/Bank Guarantee (LC/BG) supported bill discounting transactions. These referral agreements include a wide range of financial services, utilizing CredAble’s tech-driven approach and digital underwriting capabilities for quick and effective borrower onboarding. With a focus on improving the user experience, both companies aspire to expedite processes and give specialized solutions to large businesses seeking domestic and export limits.
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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 expected to reach USD 5680.17 billion by 2031, representing a multibillion-dollar business that provides financing against global invoices. In this dynamic context, the collaboration between CredAble‘s technology-driven solutions and SBIGFL’s industry knowledge is becoming increasingly important. They not only fit with evolving trends in the factoring sector, but they also set new standards in supply chain finance.
