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E-invoicing, SCF & E-procurement

Korean startup Fin2B rolls out supply-chain financing for SMEs

Tuesday 27 August 2019 | 01:35 PM CET

Korea-based fintech startup Fin2B has created an account receivable trading platform for SMEs to receive short-term financing from institutional investors.

Fin2B’s system provides funding to sellers from both financiers and buyers. The process works as the buyer inspects and accepts goods supplied by the supplier, who then update their ERP with scheduled payment. This information is registered to Fin2B account receivable platform. The supplier can request early payment based on registered account receivables and expect to receive a payment within one business day. At maturity buyer payment to be transferred to financier account. For buyers with cash, buyers can make an early payment to their purchases at discounted costs.

This technology enables not only the sellers but also investors to obtain more accurate information on accounts receivable, thereby helping sellers borrow money. Fin2B has digitized processes such as the transfer of the receivables and the notification procedure so that the application process is completed within 5 minutes without a further requirement for additional documents. This enables funding at lowering transaction costs as well as quick payments within one business day of the request

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