Stenn Closes $2MM Receivables Finance Program for Canadian Seafood Importer

Stenn International closed a $2 million trade receivables finance program for a trading company based in Canada that sources seafood from the Asia-Pacific region. This financing program is being used to free up working capital to support sales expansion during the COVID-19 pandemic.

The importer’s Asia-Pacific suppliers engaged with Stenn to receive payment at the time of invoicing and shipping of goods. The importer benefited from open account payment terms that allowed for payment at a later date.

Receivables financing is a method for importers and their suppliers to optimize working capital and strengthen relationships. In importer-led receivables financing, the importer acts to introduce the solution to its suppliers, who are the actual clients of the finance company. Suppliers receive payment at the time of invoicing and shipping, while the importer benefits from open account payment terms that allow for payment at a later date.

Stenn International is a UK-based data and financial technology company providing financing to companies engaged in cross-border trade.