Stenn Closes $2,000,000 Receivables Finance Program for Seafood Importer in Canada

Stenn International has closed a seven-figure trade receivables finance program for a trading company based in Canada that sources seafood from the Asia-Pacific region. This financing program is being used to free up working capital to support sales expansion during the coronavirus outbreak. With stay-at-home guidelines in place, people are stocking up on supplies and eating more at home. Large and small grocers alike have seen a spike in demand.

The importer’s Asia-Pacific suppliers engaged with Stenn to receive payment at the time of invoicing and shipping of goods. The importer benefited from open account payment terms that allowed for payment at a later date. In this way, Stenn’s program provides liquidity to both parties in the trading relationship.

Receivables financing is a flexible and straightforward method for importers and their suppliers to optimize working capital and strengthen their relationships. In importer-led receivables financing, the importer acts to introduce the solution to its suppliers, who are the actual clients of the finance company. Suppliers receive payment at the time of invoicing and shipping, while the importer benefits from open account payment terms that allow for payment at a later date.

About Stenn

Stenn International Ltd. is a UK-based data and financial technology company providing flexible financing to companies engaged in cross-border trade. Stenn’s trade finance solutions may be secured and managed online, speeding up access to liquidity for export suppliers while allowing import buyers to purchase on open account terms. These innovative practices allow Stenn to finance in sectors and geographic regions currently underserved in global trade. Stenn operates globally with offices in the UK, Europe, Asia and the Americas. Learn more at stenn.com.

For more information, please contact Peter Clement, Business Development Director, Strategic Partnerships, +1 (914) 393-3775, peter.clement@stenn.com.