Covid delay boosts Incomlend success chances for UK launch

INCOMLEND, the Singaporean trade finance group, is to expand into the UK nearly two years later than it had planned, due to the pandemic.

“The UK launch should have been earlier but we delayed it because of Covid-19,” Morgan Terigi, co-founder and chief executive, said. “It put us back by two years.” Terigi added that one silver lining was that the delay gave the firm more time to prepare for its UK and European expansion, leaving it better placed to succeed.

Aside from its organic expansion westwards, the Asian financial group could accelerate growth by acquiring rivals.terigi said that the company is looking at raising funds from its investors and that talks have been held about potential acquisitions.

Incomlend helps businesses raise working capital by connecting them with both institutional and high net worth investors who are willing to buy their outstanding invoices. Investors can trade invoices on the financial technology group’s platform.

Since it was founded in 2016, it has helped provide more than $500million (£368.7million) of financing in 50 countries.the value of individual funding deals arranged through Incomlend’s platform ranges from $10,000 to several million.