Vayana network, one of India’s largest third-party short-term trade finance platforms (SSTF), has announced that it has facilitated over Rs 15,000 crore in trade finance, according to a statement from the company.
Vayana Network is an electronic network that connects corporates and their supply chains to enable easy and convenient digital access to fair-price short-term trade financing of their payables and receivables.
In the statement, RN Iyer, Founder & CEO, Vayana Network said,
2018-19 has been a pivotal year for Vayana with a number of key milestones being achieved. We are proud to be empowering enterprises with our financing programmes, helping them grow, increase economic activity, and ultimately generate new jobs.”
According to the release, thousands of SMEs from over 270 cities access low-cost financing to meet their working capital needs on Vayana Network. The company has deepened its reach with 50 percent of the enterprises coming from beyond Tier I and II cities in India, reflecting true financial inclusion.
“We continue to see strong business momentum and expect to more than double the trade financed on our network in fiscal 2019-2020. We are committed to making access to small business credit simple and seamless, and look forward to many such milestones in the near future,” Iyer added.
Vayana Network funds over 2,000 invoices every day and has till date financed over a million transactions across 250 supply chains in 20+ industries. Vayana is present in 20 countries and has seen good traction in the US market, where it has customers in 26 states. The company plans to further develop a global footprint with its foray into Southeast Asia, and a cross-border play across dedicated corridors.