PrimeRevenue, eFactor Team on Supply Chain Financing

Mexican FinTech eFactor Network has teamed up with B2B supply chain finance firm PrimeRevenue to expand access to financing to Latin American agribusiness companies.

According to a Monday (June 27) press release, the two companies’ technology will help Mexican development bank FIRA streamline funding to its network of financial institutions and non-banking financial intermediaries.

The companies say this model will facilitate factoring programs for clients in the rural, agricultural, forestry and fishing sectors, along with communities of up to 50,000 people.

“This is what we are seeking: to specialize and deepen services to the agribusiness sector with a leading technology company,” said Jesús Alan Elizondo Flores, managing director of FIRA.

“It is an alliance where FIRA wins because it extends services with the help of technology, and we believe that eFactor wins to the extent that it can extend its services of value for the agribusiness.”

According to the release, the collaboration lets FIRA offer financial services — working capital and factoring — to small, medium and large producers. Once they’re part of the FIRA portfolio, they will be able to access resources through the eFactor’s technology platforms.

See also: SMBs Leverage Credit Through Supply Chain Financing

Speaking to PYMNTS last year, PrimeRevenue Chief Operating Officer Gavin Cicchinelli explained that supply chain financing lets buyers optimize working capital using extended payment terms while also offering suppliers faster payment on invoices.

“Supply chain finance keeps supply chains healthy in the face of disruption to maintain business continuity,” he said, “and dynamic discounting offers a solution for businesses to put their idle cash to work in a way that simultaneously helps the buyer and the supplier’s cash flow.”

Read more: PrimeRevenue Rolls Out B2B Payments Offering

Last year, PrimeRevenue launched its SurePay platform, which is designed to simplify B2B payment services and allow for early and on-time payments across the entire supply chain.

The SurePay platform “ensures every supplier gets paid on time, every time by simplifying the B2B payments ecosystem,” the company said in its announcement.

SurePay customers can use a single payment tool to pay and get paid by their suppliers, thus streamlining the accounts payable and accounts receivable processes.