An efficiently working finance solution is important for the growth of small and medium-sized enterprises (SMEs). Korean startup Fin2B (Finance To Business) is a FinTech company has been providing innovative financial solutions centering on Supply Chain Finance (SCF) area specifically to support small and medium enterprises (SMEs). Fin2B has created an account receivable trading platform where SMEs are able to receive efficient short-term financing from institutional investors to based on receivables issued by large enterprises.
Fast Payment via Account Receivable Trading Platform
Fin2B was started in 2015 with the primary goal to help expand access to finance for SMEs. The company has developed an innovative solution in B2B supply chain finance, which gives buyers an effective tool to manage their supply chain while providing their suppliers with efficient access to cash. The working mechanism of Fin2B’s account receivable trading platform is quite simple. The core technology of Fin2B allows it to identify and verify accurate information on accounts receivable linked to the ERP (enterprise resource planning) systems of buyers.
A system that works for buyers, sellers & the investors
Fin2B’s system provides efficient 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.
Aiming to be a leader in Supply-chain management in Asia
Fin2B’s finance supply chain management solution has been working full-fledged in Korea since 2017. The startup has expanded its services to SouthEast Asian markets as well in Vietnam and Indonesia. The startup has a good track record of receiving investments from prominent investors and generating intellectual properties. The FinTech company has received $ 2 million investments from 6 different institutions and has received 6 different awards for innovation in finance. Fin2B is aspiring to be a leader in the Finance Supply Chain Management market in Asia and has a strong founding team of members with experience in the finance industry. Fin2B is constantly working towards developing the business with the primary objective to help SMEs overcome obstacles in getting access to finance.