LSQ, a provider of technology-driven working capital solutions, highlighted its key achievements for 2020, including the continued growth of its LSQ FastTrack working capital platform and its origination of more than $188 million in AR financing.
“Like everyone, we navigated our share of challenges in 2020. We also reached an important inflection point in the growth of our LSQ FastTrack platform, added exciting new strategic partnerships and remained a resilient source of funding for our clients throughout the pandemic,” Dan Ambrico, CEO of LSQ, said. “The arrow is pointed up, and we remain well-positioned for continued growth in 2021.”
LSQ Corporate Highlights
- LSQ continued the growth of LSQ FastTrack, it’s working capital platform that allows enterprises to offer supply chain finance, discounting and accounts receivable finance to their seller ecosystems. The platform encompasses a buyer portal, a seller portal and an accounts receivable management dashboard, as well as analytics, reporting and customer credit monitoring.
- The company hired Don Renyer as head of product and Vikas Shah as executive vice president of supply chain finance. Renyer is responsible for dictating the overall product and technology strategy, driving organizational change and leading the development of LSQ FastTrack. Vikas is responsible for the go-to-market strategy and execution for LSQ FastTrack, including sales, business development and marketing, as well as the establishment of networks with partners, suppliers and buyers.
- LSQ’s data science team improved and launched the second version of its credit engine and operationalized invoice performance engine.
Supply Chain Finance Highlights
- LSQ’s supply chain finance revenue experienced a nearly tenfold increase from 2019 due to the maturation of the LSQ FastTrack platform and the signing of several enterprise clients, including United States Steel, Seville Farms, and Ingenus Pharmaceuticals.
- LSQ formed a technology partnership with LexisNexis to integrate supply chain finance for legal receivables into the CounselLink platform. The partnership allowed LexisNexis to offer early payment financing to thousands of professional services and law firms.
- LSQ partnered with the Export-Import Bank of the United States and Huntington National Bank to provide a $200 million facility for U.S. Steel. The agreement unlocked more than $800 million in working capital for U.S. Steel suppliers across the United States.
“Deep expertise in data, credit and risk management will be key to helping suppliers grow sales, maintain financial health and resiliency,” Shah said. “LSQ is uniquely positioned to leverage this capability to continue to drive significant value for its clients.”
Accounts Receivable Finance Highlights
- LSQ originated more than $188 million in accounts receivable financing facilities during 2020, including more than $75 million in originations from new clients. In a recently published infographic, LSQ provided details on the diversity of industries, territories and breadth of facility sizes originated in 2020.
- Through a targeted portfolio outreach effort, LSQ helped more than 60 clients understand how to source, apply for and utilize more than $50 million in funding through the Paycheck Protection Program.
“These achievements highlight LSQ’s ability to adapt and work with bankers, brokers and businesses to create working capital solutions within a challenging environment,” Renee Jackson, senior vice president and national sales director for LSQ, said. “Our long-standing history working closely with financial professionals and ability to navigate the complexities faced during COVID have served our network of referrers well, notably over the last three quarters.”