SimpleFinance launches international invoice factoring, first of its kind from a microfinance company in Russia
Moscow, 12 January 2018 – SimpleFinance, a Russian fintech company specialising in affordable loans for small and medium-sized business, announced the launch of international factoring for SMEs.
This makes SimpleFinance the first microfinance organisation in Russia to offer cross-border trade financing. The launch of SimpleFinance’s new product is in response to the growing demand from SMEs, as their own import and export operations increase. SimpleFinance’s development of international factoring will help to create new opportunities for the organisation’s existing and potential clients.
As part of the development of the new product, SimpleFinance will provide various options for import and export factoring, as well as professional advice from SimpleFinance experts to help clients select a product that best meets their needs.
The Russian market for factoring services is developing at a rapid pace: in the past year it increased by RUB 156 billion (61%). At the same time, international factoring services are highly sought after, yet are currently underprovided in Russia.
International factoring currently accounts for no more than 0.5% of Russia’s total factoring market, which represents a significant opportunity for SimpleFinance to become a key player as this segment develops.
SimpleFinance CEO Aleksey Basenko said: “International factoring requires high-quality financial service providers, and as this segment of the market develops it will help Russia to increase the volume and value of its exports. Russia’s sustained economic recovery has contributed to a growing demand for such services, as has the implementation of a government programme designed to support SMEs and to establish trade relations with partners abroad. Launching this new product on our high-tech platform will provide access to financing for a wider range of small and medium-sized companies and will enable them to significantly enhance their operations across borders.”