DP World has launched Cargoes Finance, a new financing solution and fintech platform providing access to finance to support small-to-medium businesses (SMEs).
The platform aims to provide exporters, importers and logistics companies with access to financing solutions to support them.
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.
Mike Bhaskaran, chief operating officer, logistics and technology at 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.”
Financial solutions available through the solution include trade finance, featuring access to a variety of pre-shipment and post-shipment financing options for international cargo movement, along with extended payment terms.
Logistics finance provides access to financing options for domestic logistics movement, together with receivables and payables financing, and invoice factoring/discounting.
In addition, inventory finance is available, utilising SMEs’ inventory as collateral for financing their businesses, based on the value of stock in their warehouse.
Sinan Ozcan, senior executive officer at DP World Finance Services, added: “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% 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.”
The platform is now available to shippers and SMEs 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.