DP World has unveiled a new financing solution and fintech platform, called Cargoes Finance, as an effort to support small-to-medium enterprises (SMEs) looking to operate seamlessly and scale faster.
More specifically, Cargoes Finance is a new digital platform that provides exporters, importers, and logistics companies with access to financing solutions and helps them to be globally expanded seamlessly.
The fintech platform includes key financial solutions such as Trade, Logistics and Inventory Finance. In particular, the Trade Finance solution gives access to a variety of pre-shipment and post-shipment financing options for international cargo movement, along with extended payment terms.
In addition, Logistics Finance provides financing options for domestic logistics movement, together with receivables and payables financing and invoice factoring/discounting, while the Inventory Finance function utilises small-to-medium businesses’ inventory as collateral for financing their businesses, based on the value of stock in its warehouse.
“Growing businesses can often lack the capital and resources required to drive global expansion, often exacerbated by prohibitive financial requirements and copious documentation,” said Chief Operating Officer of Logistics and Technology at DP World, Mike Bhaskaran, who went on to point out that the company designed Cargoes Finance to mitigate these constraints, unlocking new opportunities for small and medium-sized enterprises to compete and reach a global market.”
DP World said that Cargoes Finance which requires minimal documentation and facilitates quick approval decisions supported by intelligent systems is now available to shippers and small-to-medium businesses.
“As a result of Cargoes Finance, we’ve seen a number of companies successfully reach more international customers that were previously cost-prohibitive to access before,” stated Sinan Ozcan, Senior Executive Officer & Board Director, DP World Finance Services.
