SBI Global Factors & CredAble Collabs For Tech Advancements In Supply Chain Finance
SBI Global Factors (SBIGFL), a SBI subsidiary and factoring company, has unveiled its strategic business partnership with CredAble, a fintech firm dealing in supply chain finance. The partnership is aimed to transform domestic and export factoring, reverse factoring and letter of credit (LC) bill discounting transactions.
The collaboration with SBIGFL represents an opportunity for CredAble's non-banking financial company (NBFC) to expand its lending operations and reach new milestones in the financial services landscape. Also, CredAble's NBFC arm will be able to leverage SBIGFL's market presence and expertise. It will enhance the lending capabilities of SBIFL to reach a broader spectrum of businesses and deliver tailored financial solutions to meet their diverse needs.
Bharat Kumar Mishra, managing director (MD) and chief executive officer (CEO) at SBIGFL India said, "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, this collaboration with CredAble represents a transformative opportunity enabling the company to edge closer to our target of 15 times revenue growth and expand market presence across the globe.”
The global factoring market is projected to reach USD 5,680.17 billion by 2031, representing the multi-billion-dollar industry of providing finance against global invoices.
Manu Prakash, managing director (MD), Global Head of Wholesale Lending, 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."
