Stenn Expands in India to Finance SMEs, Partners with FIEO

New Delhi, Sep 24 (PTI) Stenn, an online platform for financing small and medium-sized businesses engaged in international trade, has announced its strategic expansion in India to address the growing financing needs of small and medium enterprises (SMEs).

With over USD 20 billion worth of invoices financed globally, Stenn has already made significant inroads in supporting international trade, of this approximately USD 147 million has come from Indian suppliers over the last few years and this has steadily increased year on year.

To further this vision, Stenn has partnered with the Federation of Indian Export Organisations (FIEO) an apex export promotion organisation of India set up by the Ministry of Commerce, to provide tailored financial solutions that address liquidity challenges and enhance the competitiveness of Indian businesses in the global marketplace.

Over the next few years, Stenn aims to play a crucial role in driving India's export economy, empowering SMEs to contribute significantly to the country's ambitious trade targets, the company's Chief Commercial Officer Noel Hillman said.

Speaking on the occasion, FIEO president Ashwani Kumar said the MOU will pave the way for addressing the working capital requirements of exports focusing on post-shipment.

This will also lead to healthy competition amongst the factoring companies in India helping in bringing down the cost thus benefiting exporters, Kumar said.