DP World has launched CARGOES Finance – a new financing solution and fintech platform providing access to finance to support small-to-medium sized businesses.
The new platform provides exporters, importers, and logistics companies with access to financing solutions, supporting them in global expansion.
Key financial solutions available through the new fintech platform include:
- Trade Finance – Accessing a variety of pre-shipment and post-shipment financing options for international cargo movement.
- Logistics Finance – Accessing financing options for domestic logistics movement, together with receivables and payables financing, and invoice factoring/discounting.
- Inventory Finance – Utilising small-to-medium sized business’ inventory as collateral for financing their businesses, based on the value of stock in its warehouse.
“Growing businesses can often lack the capital and resources required to drive global expansion, often exacerbated by prohibitive financial requirements and copious documentation,” said Mike Bhaskaran, Chief Operating Officer of Logistics and Technology at DP World. “We designed CARGOES Finance to mitigate these constraints, unlocking new opportunities for SMEs to compete and reach a global market.”
Sinan Ozcan, Senior Executive Officer and Board Director of DP World Finance Services, added “As a result of CARGOES Finance, we’ve seen a number of companies successfully reach more international customers that were previously cost-prohibitive to access before.
“Globally, small-to-medium-sized businesses handle 50% of trade, yet only a few have access to funding with little chance of it being approved. CARGOES Finance is levelling the playing field, providing an affordable and reliable alternative that’s expanding global trade.”
CARGOES Finance is now available to shippers and small-to-medium businesses.
DP World previously launched another digital logistic platform – CARGOES Logistics, which provides customers with a single-window solution enabling “seamless, safe, secure and efficient movement of cargo”.
Announced in August 2021, the platform aims to address complexities and inefficiencies that exist in global supply chains including multiple handovers, inefficient tracking and limited visibility of a shipment across the supply chain.