Incomlend’s invoice programme supports Vensen International
Incomlend, a global invoice financing marketplace, has announced a new invoice programme for Vensen International, a manufacturer of electrolysis machines.
Vensen International is headquartered in the UK and has a production facility in Turkey.
Incomlend was founded in 2016, Singapore and has a US$5mn revenue.
The Incomlend solution enables Vensen International to finance and increase the production output to meet increased demands for specialised water treatment machines for buildings.
Advanced invoice financing solutions in the manufacturing sector
Vensen International's customers are European contractors who build residential and public properties. These customers use electrolysis machines during the construction phase to provide clean water. They will also install these machines inside buildings to treat and disinfect water for the residents.
According to an Oxford Economics report, construction output in Western Europe is forecast to grow by 23% between 2020 and 2030, hitting US$2.5tn in 2030.
But one thing holding the industry up is slow invoice processing - at Vensen International, it takes up to 90 days to cash one.
However, the extended payment terms can:
- Undermine their financial agility
- Limit their manufacturing output
With the quick turnaround facility provided by Incomlend, after the goods are shipped to the buyer, Vensen International can cash in an invoice as early as three days. It provides them with the cash flow needed to:
- Fund their next production cycle
- Meet new or increased orders from their customers
With more advanced invoice financing solutions, Vensen International can now:
- Pursue new business opportunities to capitalise on the construction sector boom in Europe
- Meet the high volume of machinery orders from those markets
Increasing manufacturing volume and sales
"With the Incomlend Invoice Financing Programme, we now have greater access to working capital to fund our operations, increase our manufacturing volume, and accelerate our sales cycles”, said Mehmet Kösekul, Vensen International Director. “It enables us to pursue new revenue streams and grow our business as Europe's economy recovers. We look forward to a fruitful and long-term partnership with Incomlend."
"The machinery industry is one of the fastest-growing export industries, and SMEs in this sector is uniquely positioned to tap on burgeoning demands from Europe amid the region's booming construction sector”, said Morgan Terigi, Incomlend CEO and Co-founder. “Through our quick turnaround financing facility, Incomlend empowers SMEs, especially those with growth ambitions, to benefit from the economic rebound in overseas markets. Our non-recourse working capital solutions provide companies like Vensen International Ltd with the funds to expand their presence abroad without the burden of taking a loan and accumulating debt."
- Renewable energy and Ericsson’s net-zero commitmentAI & Automation
- IONETIC opens up the supply chain route to electrificationProcurement & Supply Chain
- Sustainable Fair Trade manufacturing at Peak DesignProcurement & Supply Chain
- News roundup: Industry 4.0 & manufacturing resilienceProcurement & Supply Chain