Fintech firm Supply@ME Capital plc sees strong levels of interest

The fintech firm said its client list at the end of March stood at 187, up from 82 a year earlier

Supply@ME Capital plc said gross origination of client companies increased by 13% in the first quarter of 2021 from a year ago.

The fintech firm, which operates a platform that enables clients to earn cash upfront from their inventory, said its client list at the end of March stood at 187, up from 82 a year earlier, with the value of the inventory on the system rising to €2.4bn from €1.22bn a year earlier and from €2.13bn at the end of 2020.

Italy continues to be the source of the majority of client companies given that Supply@Me has been operational in this country for longer but over the past year, demand for the Supply@ME service has also increased in the UK while the launch of the Shariah-compliant platform has led to more interest from the Middle East and North Africa region.

SYME said that since its launch, the Shariah-compliant version of its platform has seen strong levels of interest. The fintech firm continues to work with a European bank that is a shariah funding specialist towards a Shariah-compliant capital market placement, it added.

In a trading update, SYME revealed there has been a change of plan concerning its partnership with the global investment fund that has agreed to subscribe for the first securitised note issued by Supply@Me.

Originally, Supply@Me’s partner had intended to fund a wholly Italian portfolio but now wants a diversified inventory portfolio across several countries.

Meanwhile, progress has been made with Quadrivio, an alternative investment firm, on the capitalisation of a “captive bank” – a bank that is created for the exclusive use – usually – of the owners.

The company announced that it is has appointed Amy Benning as its chief financial officer with effect from June 7. She will join the company from Alfa Financial Software Holdings.

2020 saw the groundwork laid for a number of business initiatives which have either been implemented or are close to fruition. We have also strengthened the board and senior management team with the appointment of a chief financial officer and several highly experienced individuals to key positions, said Alessandro Zamboni, the chief executive officer of SYME.

Despite challenging market conditions, SYME progresses towards the completion of its first inventory monetisation transactions. The proposed acquisition of the complimentary inventory ‘in-transit’ business is continuing and, on a successful close would bring Supply@ME closer to its goal of being a leading global inventory monetisation platform. We aim for the positive revenue impact from several of our business streams to be reflected in the company’s next interim statement, he added.