Skyscend Capital and Encore Funding Launch Supply Chain Financing Offer

Skyscend Capital and Encore Funding have partnered to offer supply chain financing.

With this collaboration, supply chain financing will be offered through Skyscend Pay, a software-as-a-service (SaaS) platform that integrates with enterprise resource planning (ERP) systems and automates the invoicing process, the companies said in a Thursday (June 29) press release.

“With the support of Encore Funding, Skyscend Capital now possesses the necessary funding to provide on-demand payment of approved invoices to its customers and their suppliers,” Skyscend Capital President Bob Zadek said in the release.

Skyscend Pay saves time for both buyers and suppliers by providing a self-service portal on which suppliers ca generate invoices or submit them via web form or email and then view their invoices on the portal, according to the press release.

Now, with the addition of the new on-demand supply chain financing capabilities, suppliers can also choose to receive immediate payment if they accept the discount fee that is displayed on the portal, the release said.

“We were impressed by Skyscend Pay’s utilization of blockchain technology, which enables seamless real-time access to approved invoices within the customer’s accounting system,” Encore Funding General Manager Chad Eberly said in the release.

This news comes about six months after Skyscend joined Visa’s Fintech Fast Track Program to expand its offerings and provide its customers with faster, more secure and streamlined payments.

The Visa program provides FinTech startups with access to Visa’s partner network and experts. For Skyscend, participation in the program enables it to more quickly integrate with Visa and leverage the reach, capabilities and security of the company’s global payment network.

The new supply chain financing offer joins several others that have been announced in recent months.

For example, in March, energy company Eni launched a supply chain finance program designed to incentivize sustainable development.

This Sustainable Supply Chain Finance Program is focused on the energy supply chain and allows Eni’s suppliers to request advanced payment of invoices if they have committed to sustainable development.

Two months earlier, in January, Madrid-based Twinco Capital said it had raised $12 million in a Series A round to fund purchase order financing.

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