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Sat, Nov 16, 2024 | Jumada al-Awwal 14, 1446 | DXB
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Incomlend opens new office in Dubai
Loic Hennocq. — Supplied photo
One of the company’s key customers includes a metal trading firm which gets turnaround working capital solution to finance invoices for a total facility of $4 million.
Global invoice financing marketplace, Incomlend, has set up a new office in Dubai marking the next step in the company’s global expansion plan to scale its reach and deliver invoice financing solutions to small and medium enterprises (SMEs) worldwide.
Morgan Terigi, co-founder and chief executive officer, Incomlend , said: “As a regional financial hub and a leader in the fintech space, we see the immense opportunity for Incomlend to grow the business in the UAE and the Middle East region. We will be closer to markets like India, Bangladesh, and Turkey, where trade activities abound. With our office opening in Dubai, we now have our ears on the ground to better support more SMEs in the region. We continue the mission to deliver competitive and alternative working capital solutions to more quality SMEs and support their growth.”
One of the company’s key customers in the area includes a metal trading firm that processes metals purchased across the globe, including Hong Kong, Japan, Bahrain, Saudi Arabia, the UK, and the US. The firm sells processed metal to companies in the UAE. Incomlend provides it with a quick turnaround working capital solution to finance invoices for a total facility of $4 million. The cash flow enables the company to pursue new business streams and grow its business.
Recognising the tremendous market potential and unmet financing demands in the Middle East through these deals, Incomlend has appointed Loic Hennocq, previously head of operations at Incomlend, as the general manager of its Dubai office. With more than 20 years’ experience in the trade finance industry, he will lead and grow the company’s footprint in the region and commit to engaging more SMEs that are underserved by traditional financial institutions.
Hennocq said: "Incomlend is a company with proven experience in the UAE. Given the global trade climate, expanding into the Middle East was a natural move that has always been a part of our global growth strategy. I am excited to lead the team in the region and look forward to growing Incomlend as a trusted and reliable fintech partner to more SMEs through our tech-enabled working capital solutions.”
— business@khaleejtimes.com
A Staff Reporter
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