Incomlend Pte Ltd, which operates a platform focussed on trade finance and global invoice trading, has raised $20 million (Rs 150 crore) in a Series A funding round.
The round in the Singapore-based company was led by Sequoia Capital India, marking the latest investment in a Southeast Asian startup by the domestic arm of the global venture capital firm.
French-based CMA CGM, the world's fourth-largest container shipping group, also participated in this round, Incomlend said in a statement.
The company – set up in 2016 by Morgan Terigi and Dimitri Kouchnirenko – says its platform connects importers and exporters with institutional investors from around the world.
While exporters can use investments to get early payments for their goods and services, importers can use funding to extend payment terms and minimise risk for areas such as their supply chain.
Investors can use Incomlend to access a different alternative asset class and accelerate their returns on capital, the company said. It will use the funding it has received to expand into markets in Europe, Southeast and North Asia.
It will also use the capital to enhance its technological infrastructure. “Incomlend’s mission is to increase financial inclusion on a non-recourse basis for companies of all sizes across the globe while offering investors real alternatives non-correlated to financial markets to existing asset classes,” Terigi said.
Sequoia Capital India managing director Abheek Anand said Incomlend was managing to address trade finance gaps for small and medium enterprises with high credit quality.
Incomlend says its platform allows for faster client onboarding and trade processes, and that it helps provide companies with a balance sheet-neutral source of funding with higher flexibility.
The startup has so far facilitated over $30 million in financing, and covered services in at least 50 countries.
Sequoia has been an active investor in India.
In June, Sequoia India along with the Indian arm of Lightspeed Venture Partners led a $10.5 million (around Rs 79.29 crore) seed funding round in Ula, a marketplace platform that focusses on modernising distribution and credit processes in the traditional retail sector.
In May, the firm led a $109 million (around Rs 823.23 crore) Series B funding round in Kopi Kenangan, an Indonesian beverage retailer.
In April, it participated in a $31 million (around Rs 236 crore) Series A funding round in Kargo Online System PT, which operates a freight logistics marketplace.