FinDynamic, a fintech startup specializing in supply chain financing, has signed an agreement with Open-es, the system-wide initiative for energy transition and sustainable development of supply chains, promoted by ENI in collaboration with Boston Consulting Group and Google Cloud.
FinDynamic, thanks to its innovative proprietary platform, enables supply chain leader companies to support their SME suppliers through supply chain finance tools and in particular with dynamic discounting, confirming, reverse-factoring, and receivable financing. To date, there are more than 150 head of supply chain companies served and more than 18 thousand pmi suppliers supported, with an intermediate that in the 9 months of the year reached a record €1.3 billion, distributed over 63 thousand invoices. With an important leap compared to the first six months, when €840 million and 41 thousand invoices had been intermediated, and especially compared to the whole of 2021, when the intermediate had been €920 million for 45 thousand invoices.
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FinDynamic allows companies to request early collection of invoices before the due date
The agreement goes in the direction traced by the Open-es ecosystem, to create a network of integrated solutions that simplify the path of ESG data measurement and valorization, optimizing sharing with the industrial and financial system and acting to support the sustainable development of the business world.
In fact, recall that FinDynamic, thanks to dynamic discounting, allows companies to request early collection of invoices before the due date, against a discount that varies according to the days of advance payment. The Findynamic platform manages the requests and directly arranges payment on the predetermined date. Leveraging the concept of supply chain sustainability, Findynamic in May 2020 launched the first sustainable dynamic discounting program, in collaboration with LifeGate as the initiative’s media partner: client companies can thus declare their commitment to supporting the supply chain, certified under the ISO/TS 17033 standard, by Bureau Veritas, a world leader in inspection, compliance verification, and certification services.
The agreement with Open-es, therefore, goes in the same direction and allows FinDynamic to extend its clients’ access to the Open-es platform, enabling them to measure, improve and enhance their environmental, social, and governance sustainability performance. Lead companies will also have the opportunity to join Open-es and synergistically use Findynamic’s technology with ESG information and assessments by rewarding, through rewarding systems, the most sustainable suppliers and offering them the opportunity to access beneficial financial solutions linked to sustainability performance.
“The collaboration with Open-es allows us to pursue one of our main aspirations: to enhance supply chain sustainability and enable large companies to support their suppliers, forging relationships of mutual trust based on shared values,” commented Enrico Viganò, founder and CEO of FinDynamic, which as of June 2019 has Unicredit as its 10 percent shareholder.
Founded in 2016, FinDynamic has been operational since September 2018 and has experienced exponential growth in business. The platform brokered about €50 million worth of invoices of all sizes issued by six clients in 2019. Despite Covid, 2020 then closed at more than €150 million of intermediated business, rising as mentioned to €920 million in 2021.
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First published in Be Beez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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