Marco Provides $2MM Factoring Facility for Automotive Components Manufacturer

A Dubai-based company that focuses on crankshaft manufacturing and supplies automotive components to original equipment manufacturers (OEMS) around the world completed a $2 million factoring facility with Marco, a fintech company. The deal was sourced from Convergence Capital, a company that connects suppliers and buyers with global and regional funding institutions through its technology network.

“We are thrilled to announce our successful partnership with Marco Finance. At Convergence Capital, our established origination channel in the Middle East and Asia Pacific, combined with Marco’s expertise in raising liquidity from developed markets, has resulted in a win-win collaboration,” Cliff Entrekin, CEO at Convergence Capital, said. “Together, we are deploying capital to clients in our focus jurisdictions more effectively than ever before, driving financial growth and unlocking opportunities. We look forward to continuing this prosperous journey with Marco Finance, delivering exceptional value as trusted partners in the global financial landscape.”

“We value our partnership with Convergence Capital and appreciate the opportunity to provide this financing facility to their client,” Barry Kastner, EVP and senior MD of business development at Marco, said. “As a leading international lender, Marco was able to efficiently provide this facility to the company located in Dubai, with customers around the globe.”