KredX enters export financing, aims to disburse $2 billion by end of FY23
- ByStartupStory | June 2, 2022
Kredx, supply chain finance platform entered the post-shipment export financing services with KredX Global trade.KredX is one of the four companies to be granted license by International Financial Services Center (IFSC) to be able to set up ITFS platform at GIFT city.
The focus of the finance company would be to provide financial solutions to Indian corporations regarding international trade between the US, rest of Asia and the Middle-East.
The collaboration of the company with global financiers and with ITFS platform will allow KredX to offer the lowest financing rates to exporters in India. The ecosystem offered by IFSC/ITFS and India’s commitment to grow its exports from USD 330 bn to USD 1 trillion by 2028, will allow KredX to empower SMEs which will in turn propel the growth of India’s exports ecosystem. It also aims to strengthen businesses to have quick access to liquidity against their receivables at competitive market rates.
With the collaboration of Trade Wind Finance,a global financial solutions company. This collaboration will encourage financing to International businesses of KredX users at competitive rates. The firm has disbursed more than $100 Mn in funding requirements and aspires to reach $2 billion by the year end of 2023 and expects a 25-30% effect on the overall business through this new proposition in a span of 1 year.
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