Business financing startup Incomlend has won a vote of confidence from prestigious investor Sequoia Capital.
The Singapore startup has raised $20 million in series A funding, with the Silicon Valley VC leading the round via its India and Southeast Asia-focused fund, the outfit announced today.
Aimed at exporters and importers, Incomlend does a unique flavor of lending called invoice trading—although the Monetary Authority of Singapore doesn’t classify it as lending. It means businesses can sell individual invoices to private funders, who are accredited and institutional investors, and then the businesses get instant cash. The lenders get profitable returns.
Its series A money will go toward expansion across Europe, Southeast Asia, and North Asia, the startup said in its statement this morning.
Incomlend facts & stats:
Launched in 2016
Facilitated over 2,000 transactions worth more than $330 million to companies across 50 countries
CMA CGM Group, a major shipping company, joined the series A round
Co-founder and CEO is Morgan Terigi
Unusually, the investment brings with it a newly-installed deputy CEO, Marc Mathenz, who has years of experience across investment banks and fintech companies