Stenn Expands in India to Bolster SME Financing for International Trade

Stenn, a global platform for financing SMEs in international trade, expands in India. Partnering with FIEO, it aims to boost financing solutions for Indian SMEs, enhancing their global competitiveness. The collaboration targets liquidity challenges and contributes to India's export economy, benefiting local exporters.

Stenn, an online platform dedicated to financing small and medium-sized businesses involved in international trade, has announced its strategic expansion in India. The move is aimed at addressing the increasing financing needs of Indian SMEs.

To date, Stenn has financed over USD 20 billion worth of invoices globally, with approximately USD 147 million coming from Indian suppliers. This figure has been steadily rising each year, signifying the platform's growing impact.

In a recent partnership with the Federation of Indian Export Organisations (FIEO), which is the apex export promotion body set up by the Ministry of Commerce, Stenn aims to provide tailored financial solutions that address the liquidity challenges faced by Indian businesses. This collaboration is expected to enhance the competitiveness of Indian SMEs in the global marketplace.

Stenn's Chief Commercial Officer Noel Hillman highlighted the company's goal to play a crucial role in driving India's export economy, thereby empowering SMEs to significantly contribute to the country's ambitious trade targets. FIEO President Ashwani Kumar noted that the MOU would help address the working capital requirements of post-shipment exports, fostering healthy competition among factoring companies in India and reducing costs for exporters.

(With inputs from agencies.)