CredAble, SBI Global Factors ally for tech-led supply chain finance innovation.

CredAble, a FinTech company in supply chain finance, and SBI Global Factors Ltd. (SBIGFL), India’s premier factoring company, announced their strategic business partnership. The partnership aims to revolutionize domestic and export factoring, reverse factoring, and Letter of Credit (LC) Bill Discounting transactions. 

For years, CredAble’s trade financing solutions have pushed the frontiers of innovation, helping businesses, both big and small, tap into exponential growth. The collaboration with SBIGFL represents a significant opportunity for CredAble’s NBFC to expand its lending operations and reach new milestones in the financial services landscape. Moreover, this partnership is crucial for CredAble’s NBFC arm to leverage SBIGFL’s extensive market presence and expertise. It will significantly enhance lending capabilities, reaching a broader spectrum of businesses and delivering tailored financial solutions to meet their diverse needs.

Mr. Manu Prakash, MD – Global Head of Wholesale Lending, DCM & FI Coverage at CredAble, highlights the strategic significance of this alliance, stating, 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.” .”

Moreover, the collaboration implements a proactive lead generation strategy, delivering SBIGFL-filtered leads for faster conversions. Joint client pitching initiatives will present a unified solution, streamlining financial processes and ensuring a swift response to evolving supply chain business needs.

Mr. 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 partnership framework, SBIGFL and CredAble have established referral arrangements spanning domestic and export factoring, reverse factoring, and Letter of Credit/Bank Guarantee (LC/BG) backed bill discounting transactions. These referral arrangements span a spectrum of financial services, leveraging CredAble’s tech-driven approach and digital underwriting capabilities for fast and efficient borrower onboarding. With a focus on user experience enhancement, both entities aim to streamline processes and provide tailored solutions to large business houses seeking domestic and export limits.

Mr. 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 projected to reach USD 5680.17 billion by 2031, representing the multi-billion-dollar industry of providing finance against global invoices. In this dynamic landscape, the collaboration between CredAble’s tech-driven solutions and SBIGFL’s industry expertise becomes increasingly significant. Together, they align with evolving trends in the factoring industry and redefine supply chain finance standards.

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