Stenn closed a seven-figure trade receivables finance program for a U.S. importer of wire and cable used in the maritime sector. The firm imports from suppliers in Canada and China.
“We are pleased to develop a trade financing program that meets the working capital needs of this importer as well as its suppliers,” Peter Clement, business development director of strategic accounts at Stenn, said.
Receivables financing is a flexible method for importers and their suppliers to optimize working capital and strengthen their relationships. In importer-led receivables financing, the importer acts to introduce the solution to its suppliers, who are the actual clients of the finance company. Suppliers receive payment at the time of invoicing and shipping while the importer benefits from open account payment terms that allow for payment at a later date.
Stenn is a UK-based data and financial technology company that provides financing to companies engaged in cross-border trade.
