Singapore – Global invoice financing marketplace, Incomlend, announced a multi-million invoice financing programme for SafeFlex International Limited (SafeFlex), a leading Indiabased manufacturer of Flexible Intermediate Bulk Containers (FIBC), poly-wovens and polyknits, with four manufacturing plants across the country. The working capital solution enables the company to finance and increase the production capacity of its pharma and food-grade industrial container and bulk bags to capture new business opportunities with potential and
existing buyers.
SafeFlex has seen considerable revenue growth over the years, and it plans to expand its production capacity further. The company’s portfolio of over 500 global buyers comprises longtime buyers who are distributors and manufacturers based in developed nations such as the US, UK, and Europe. Incomlend Invoice Financing Programme will play a key role in SafeFlex’s expansion plans to double production capacity and increase revenue. It allows the company to capitalise on the opportunities in the growing global bulk bags market, which is expected to reach nearly US$5 billion in value by 2023.
Traditionally, it takes SafeFlex up to 90 days to cash in an invoice. However, the extended payment terms can undermine their financial agility and limit their operations and manufacturing output. With the quick turnaround facility provided by Incomlend, the manufacturer can cash in an invoice as early as three days after the goods are shipped to its buyers. It provides them with the cash flow needed to fund their next production cycle and effectively expand their capacity to meet new or increased orders from their buyers.
Founded in Singapore and with offices in Europe, India, and Southeast Asia, Incomlend connects small and medium enterprises (SMEs), like SafeFlex globally, with communities of investors. It enables them to buy and sell individual invoices via a proprietary tech-enabled and secure invoice exchange platform.
SafeFlex International Limited CEO and President Jitesh Agrawal said: “SafeFlex is excited to form this long-term partnership with Incomlend. Its Invoice Financing Programme’s quick turnaround model provides us with the cash flow we need to expand our business and operations. This will place our company in a stronger position for growth as economies start to recover and the demand for our products continues to surge.”
Incomlend CEO and Co-founder Morgan Terigi commented: “The appetite for FIBCs and bulk bags are expected to rise in the coming months as economies globally reopen, and global trade becomes increasingly active. With India being one of the world’s largest FIBC and bulk bags suppliers, manufacturers have a tremendous growth opportunity. As a company with a strong foothold in the Indian manufacturing industry, Incomlend has an unwavering commitment to supporting SafeFlex and SMEs worldwide with their business and production growth. Our quick turnaround solutions will provide them with the financial means to bolster their export capacity and capture new revenue streams.”
