CredAble and SBI Global Factors (SBIGF) have formed an alliance to revolutionise domestic and export factoring, reverse factoring and Letter of Credit (LC) Bill Discounting activities.
The relationship with SBIGF represents a substantial opportunity for CredAble’s NBFC to grow its lending operations and achieve new milestones in the financial services industry. Furthermore, this relationship allows CredAble’s NBFC arm to benefit from SBIGF’s market presence and expertise. It will improve lending capacities by addressing a broader range of businesses and providing specialised financial solutions to fulfill their various demands.
Manu Prakash, MD – Global Head, Wholesale Lending, DCM and FI Coverage, 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.”
SBIGF and CredAble have created referral arrangements for domestic and export factoring, reverse factoring and Letter of Credit/Bank Guarantee (LC/BG) supported bill discounting transactions. These referral agreements include a wide range of financial services, utilising CredAble’s tech-driven approach and digital underwriting capabilities for quick and effective borrower onboarding.
Bharat Kumar Mishra, MD and CEO, SBIGF 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, 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.”
