Estonian financial technology company SupplierPlus has launched a reverse factoring platform for supply chain financing in Ukraine and opened reverse factoring limits for Ukrainian companies in the amount of UAH 100 million.
As stated in the SupplierPlus report, the company expects that in 2021 the limit of factoring financing on its platform can range from UAH 500 million to UAH 1 billion.
“We hope that in the coming years this market [of factoring] will grow from today’s 0.2-0.3% of GDP to at least 5% and Ukraine will approach its Western partners in terms of trade finance development,” Chief of Party of the USAID Financial Sector Transformation Project Robert Bond said during the SupplierPlus conference on Wednesday.
It is indicated that the partners of the reverse factoring program are OTP Bank, MTB Bank, Agroprosperis Bank, Ternopil Dairy Plant (Molokia brand), Buchachagrokhlibprom, Gadz farm and Ramburs grain trader.
The company said that the factoring reform in Ukraine could close the gap of EUR 1.5-3.4 billion in the market for financing receivables in Ukraine.
SupplierPlus Group OÜ is a financial technology company that specializes in supply chain finance solutions. The group was established in Estonia in 2015 with the launch of the financial platform Inwise.co for paying bills in the P2P format.
