DP World announces Cargoes Finance, the new financing solution for SMEs
DP World, the leading provider of smart supply chain solutions, today launched CARGOES Finance — a new financing solution and fintech platform providing access to finance to support small-to-medium businesses.
CARGOES Finance is a new platform providing exporters, importers, and logistics companies with access to financing solutions to support them in driving global expansion seamlessly. The fintech platform, which comprises a simple and easy to use online application, requires minimal documentation and expedites quick approval decisions supported by intelligent systems.
Key financial solutions available through CARGOES Finance include:
• Trade Finance – Accessing a variety of pre-shipment and post-shipment financing options for international cargo movement, along with extended payment terms.
• Logistics Finance – Accessing financing options for domestic logistics movement, together with receivables and payables financing, and invoice factoring/discounting.
• Inventory Finance – Utilising small-to-medium businesses’ inventory as collateral for financing their businesses, based on the value of stock in its warehouse.
Mike Bhaskaran, Chief Operating Officer, Logistics and Technology, DP World, said: “Growing businesses can often lack the capital and resources required to drive global expansion, often exacerbated by prohibitive financial requirements and copious documentation. We designed CARGOES Finance to mitigate these constraints, unlocking new opportunities for SMEs to compete and reach a global market.”
Sinan Ozcan, Senior Executive Officer, DP World Finance Services, said: “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. Globally, small-to-medium-sized businesses handle 50 percent of trade, yet only a few have access to funding with little chance of it being approved. CARGOES Finance is levelling the playing field, providing an affordable and reliable alternative that’s expanding global trade.”
DP World will continue to invest in new technologies and solutions such as CARGOES Finance, to streamline and optimise ‘glocal’ operations for ambitious businesses looking to operate seamlessly and scale faster.
CARGOES Finance is now widely available to shippers and small-to-medium businesses wishing to reach a wider international marketplace and is the latest addition to the CARGOES suite of tools to streamline end-to-end logistics and trade worldwide.
Source: DP World