Incomlend taps Dubai for global expansion
Mita Srinivasan
10x Industry
Published:

Incomlend taps Dubai for global expansion

UAE office is a strategic move to tap into new business opportunities in the neighbouring regions like India, Bangladesh, and Turkey, as global expansion into United Kingdom and Europe continues

Singapore-based global invoice financing marketplace, Incomlend, has set up in Dubai. The move marks the next step in the company’s global expansion plan to scale its reach and deliver invoice financing solutions to small and medium enterprises (SMEs) worldwide.

A pivotal milestone in its growth strategy, the proximity advantage of having a physical presence in the UAE will enable Incomlend to serve its existing customers better. It will effectively extend its invoice financing marketplace and non-recourse working capital solutions to more businesses in the Middle East and nearby regions like North Africa, Europe, and South Asia.

Incomlend Co-Founder and Chief Executive Officer, Morgan Terigi, felt that as a regional financial hub and a leader in the fintech space, the company sees the opportunity for Incomlend to grow its business in the UAE and the Middle East region. He added, “We will be closer to markets like India, Bangladesh, and Turkey, where trade activities abound. With our office opening in Dubai, we now have our ears on the ground to better support more SMEs in the region. We continue the mission to deliver competitive and alternative working capital solutions to more quality SMEs and support their growth.”

One of the company’s key customers in the area includes a metal trading firm that processes metals purchased across the globe, including Hong Kong, Japan, Bahrain, Saudi Arabia, the United Kingdom, and the United States. The firm sells processed metal to companies in the UAE. Incomlend provides it with a quick turnaround working capital solution to finance invoices for a total facility of US$4 million. The cash flow enables the company to pursue new business streams and grow its business.

Recognising the tremendous market potential and unmet financing demands in the Middle East through these deals, Incomlend has appointed Loic Hennocq, previously Head of Operations at Incomlend, as the General Manager of its Dubai office. With more than 20 years’ experience in the trade finance industry, he will lead and grow the company’s footprint in the region and commit to engaging more SMEs that are underserved by traditional financial institutions.

Hennocq commented: “Incomlend is a company with proven experience in the UAE. Given the global trade climate, expanding into the Middle East was a natural move that has always been a part of our global growth strategy. I am excited to lead the team in the region and look forward to growing Incomlend as a trusted and reliable fintech partner to more SMEs through our tech-enabled working capital solutions.”