New Delhi, September 24, 2024 – Stenn, the fastest-growing 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 $20 billion worth of invoices financed globally, Stenn has already made significant inroads in supporting international trade, of this approximately $147m has come from Indian suppliers over the last few years and this has steadily increased year on year. Stenn anticipates substantial growth in the next 1 to 3 years as India continues its growth and Stenn sets in place new initiatives to support the ever growing number of entrepreneurs in the region
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. 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, Government of India to provide tailored financial solutions that address liquidity challenges and enhance the competitiveness of Indian businesses in the global marketplace.
This collaboration seeks to drive export growth by equipping SMEs with the necessary financial tools to scale their operations and seize international opportunities. The signed MoU was exchanged by Mr. Noel Hillman, Chief Commercial Officer of Stenn and Dr. Ajay Sahai, Director General and CEO of FIEO in the presence of Mr Ashwani Kumar, FIEO President, Mr. Marcio Arnecke, Chief Marketing Officer of Stenn, Mr Pratik Ashok Navale, Asst Director, FIEO and Mr. Priyesh Ranjan, Senior Director Sales & Partnership (India), Stenn.
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Stenn’s financing tools, designed to unlock growth, allow exporters to scale up without the typical constraints of working capital. With seamless access to trade finance, Indian SMEs can take on larger orders, diversify into new markets, and strengthen their presence in existing ones. As part of this collaboration, Stenn and FIEO aim to support the global ambitions of Indian exporters by helping them break into new regions and seize emerging opportunities across the globe.
Echoing these aspirations, Mr. Noel Hillman, Chief Commercial Officer of Stenn said, “Our collaboration with FIEO represents a strong commitment to helping Indian exporters expand their global presence. By providing flexible financing solutions and mitigating payment risks, we empower businesses to scale rapidly and compete effectively with larger players. FIEO has been instrumental in facilitating trade and driving the growth of India’s goods and services exports. We are confident that FIEO members will benefit significantly from Stenn’s support in their growth journey, and we are grateful to FIEO for partnering with us in this shared opportunity to make a meaningful impact.”
FIEO President, Mr Ashwani Kumar while addressing the event said that it is a momentous occasion to witness the unveiling of MOU signing between the two premier organisations – Federation of Indian Export Organisations (FIEO), the apex trade promotion body in India and Stenn, the leading Fintech Co. providing post-shipment credit to SMEs in International Trade.
Mr Ashwani Kumar reiterated that he is confident that the MOU will pave the way for addressing the working capital requirements of exports focussing on post-shipment. This will also lead to the healthy competition amongst the factoring companies in India helping in bringing down the cost thus benefiting exporters.
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The FIEO Chief added that the credit challenges have increased with geo-political head winds and interest rates moving upward in the last few years. However, with inflation softening, we have seen downward movement in the key rates led by the US Federal Reserve, which reduced the rate by 50 basis points last week. Mr Kumar also added that with inflation softening in India and GDP growth moving upward, our central bank will also take an appropriate call for revising the key rates. The FIEO President asked the media gathering at the event in urging the Government to re-introduce Interest Equalization Scheme on a sustainable basis to provide the continuity and stability in the business environment of the exports sector.
Dr. Ajay Sahai, Director General and CEO of FIEO, stated,India’s ambitious target of USD 2 trillion in exports by 2030 demands urgent action to address the critical financing gap faced by our exporters, particularly SMEs. With only 15% of SMEs’ addressable credit needs currently met by formal channels, we are stifling the potential of our most dynamic sector. This credit crunch is not just a business issue; it’s a national economic imperative. To achieve our export goals and secure India’s position as a global economic powerhouse, we must leverage innovative fintech solutions and strategic partnerships to revolutionize export finance. By harnessing technology for streamlined credit assessment and disbursement, and collaborating with forward-thinking financial partners, we can unlock the full potential of our SMEs. This is not just about providing capital; it’s about empowering our businesses to become global leaders, driving our nation’s growth, and realizing our vision of India as a titan of international trade. The government has made exports a national priority, and it is incumbent upon all stakeholders to rise to this challenge. Together, we will transform India’s export landscape and cement our place on the world stage.
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Dr. Sahai added, “We envision a future where Indian SMEs are leaders in global trade, contributing to the nation’s growth and prosperity. This partnership with Stenn aligns perfectly with India’s economic goals, and together, we are shaping a future where Indian businesses can excel on the world stage.”
Stenn recently launched the BETA Hub, a digital platform aimed at revolutionising the way Indian SMEs engage in global trade. The platform serves as a space for collaboration, networking, and innovation, offering exporters access to cutting-edge financial tools and insights while also facilitating connections with potential partners across international markets. The BETA Hub will act as a catalyst for Indian exporters, helping them bridge the gap between local business practices and the demands of global trade.
As India pushes towards self-reliance through the Aatmanirbhar Bharat initiative, Stenn’s partnership with FIEO is particularly timely. By addressing critical liquidity issues, Stenn helps Indian SMEs become more self-sufficient, enabling them to seize global trade opportunities without depending on external financial pressures. The financing solutions provided ensure that Indian exporters are well-equipped to meet the demands of international buyers while retaining financial independence.
Moreover, the partnership will include educational workshops and seminars designed to impart valuable knowledge on trade finance strategies and best practices, enhancing exporters’ financial acumen and operational efficiency. The collaboration will also support market expansion efforts, providing strategic financial planning and resources to help exporters explore new markets and scale their operations effectively.
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