DUBAI: DP World, the leading global logistics company and provider of smart supply chain solutions, today announced a partnership between CARGOES Finance By DP World and TuningBill, the business-to-business neobank.
CARGOES Finance By DP World is a fintech platform that brings together global importers, exporters and logistics companies in need of financing from around the world with financial institutions. CARGOES Finance provides lenders with access to data on cargo movements, enabling them to lend with confidence.
DP World customers will gain access to TuningBill services through the CARGOES Finance platform. These include flexible and fast loan services, both secured and unsecured, as well as non-lending services such as warehousing and fulfilment, foreign exchange and remittances.
TuningBill serves importers, exporters and ecommerce traders that can face shortfalls in funding from other banks. TuningBill can open bank accounts for its customers in multiple currencies, helping those customers who deal with multiple currencies when executing cross-border trades.
The partnership follows TuningBill’s recent announcement that it has raised $22 million investment from Fasanara Capital.
Mike Bhaskaran, Group Chief Operating Officer, Digital Technology for DP World, said: “The new partnership with TuningBill adds further value to the services available to customers on the CARGOES Finance platforms. Now, those who benefit from these new financing options will have the peace of mind that their business operations will not only be more financially secure, but also more efficient due to the additional features provided by TuningBill.”
Sinan Ozcan, Senior Executive Officer, DP World Financial Services Limited: “In bringing TuningBill onto the CARGOES Finance platform, we are offering traders globally greater access to critical financing options. Working with TuningBill, we aim to address the global trade finance gap.”
Asit Beesen, Founder, TuningBill: “We are humbled by this strategic partnership, a major milestone in our journey. We are committed to serving the loan request overhang, growing the book to north of $200 million in the near-term, further enhancing our technology, and most importantly, scaling our non-lending revenues.”
Mohan Anem, Co-founder, TuningBill: “Working with DP World we can ramp up our customer acquisition manifold. Its global reach will allow us to reach more and more customers in need of banking solutions.”
