Kyriba Launches New Working Capital Solutions to Close $3.4T Trade Financing Gap
Kyriba, a provider of cloud-based finance and IT solutions, launched new working capital solutions as part of its effort to close the reported $3.4 trillion trade financing gap and help corporate buyers support all suppliers, especially at-risk SME suppliers.
“The pandemic has created unprecedented risk in global supply chains. Suppliers are being crushed financially as they wait the additional weeks and months it now takes to get products to market,” Jean-Luc Robert, chairman and CEO of Kyriba, said. “Our solutions help mobilize liquidity, injecting cash into supply chains so global suppliers receive the financial lifeline they need to survive.”
Kyriba launched new capabilities to help buyers accelerate access to liquidity and mitigate supply chain risk. Kyriba helps deploy liquidity from sources at different stages of the trading relationship with supply chain finance, discounting and a new purchase order financing program. The company is also launching a receivables financing platform.
In addition, the company’s integrated cash forecasting solution increases the precision of cash and working capital projections and Kyriba’s working capital solutions offer the capacity to supplement CSR and ESG programs.
“Kyriba is removing barriers to adopting working capital solutions that improve the access to liquidity for SMEs,” Abhijit Prasad, senior vice president of working capital finance at Kyriba, said. “We have invested in our team, delivered product innovation and added new global funding partners to deliver even greater capacity to serve the growing demand for working capital solutions anywhere in the world.”
Global Finance Magazine recently named Kyriba the 2021 global winner of best supplier enablement for the company’s automated supplier onboarding operations. In the past 12 months, Kyriba has facilitated more than $7 billion in early payments across 1.5 million invoices to more than 50,000 suppliers in 50 countries. In 2021, the company expects financing to exceed $10 billion, marking a more than 40% increase compared with 2020.