BuyHive, a tech-enabled B2B global sourcing platform, announced a partnership with a provider of supply chain financing solutions, 40Seas to offer cross-border business to business (B2B) financing solutions to small and medium businesses (SMEs).
The company expects the collaboration to enable SME buyers in the United States, Canada, and the United Kingdom to obtain up to $1 million in credit for sourcing from China, Hong Kong, Vietnam, and India on “Buy Now, Pay Later” (BNPL) terms. While the tool is currently focused on these three countries, it is expected that different versions of the tool will be developed in the future to meet the specific needs of other countries, said the company.
Comprehensive set of services
This partnership will enable us to provide our customers with a more comprehensive set of services, helping them source and finance the products they need to succeed. The tool is built to buy from suppliers in India, Vietnam, China, Hong Kong. Through this, we will support trade from India in turn supporting the Made In India movement by giving Indian sellers access to international buyers,” explained said Minesh Pore, Co-Founder and CEO of BuyHive.
The collaboration will enable buyers to figure out the credit limits they can get, based on their production volumes and other factors. Additionally, buyers can get access to the funding they need to purchase products, without having to worry about cash flow or credit constraints.
“We are happy to partner with BuyHive to bring our cross-border trade financing solution. We also believe that this partnership will not only transform the sourcing dynamics for these businesses but also aid business growth for suppliers and, in turn, strengthen global trade,” said Eyal Moldovan, co-founder and CEO of 40Seas.
BuyHive claims to have over 5,000 sourcing experts from all of the world’s leading sourcing markets and has served customers in the US, the UK, the EU, India, Greater China, and Southeast Asia.