eFactor Network and PrimeRevenue Renew Partnership to Expand Supply Chain Finance Capabilities in Latin America
PrimeRevenue, Inc., the leading provider of technology-enabled working capital solutions, and eFactor Network, a Mexican fintech and leader in electronic supply chain finance, announce they have renewed their partnership for four more years. The renewed partnership allows eFactor Network to continue licensing PrimeRevenue’s trade finance technology to offer customers in Latin America innovative, sustainable cash flow solutions.
Since 2009, eFactor Network has leveraged PrimeRevenue’s technology to help than 12,000 buyers and suppliers across Latin America unlock more than USD$4.2 billion (MXN 80 billion) in free cash flow. The company’s digital solutions, powered by PrimeRevenue, help clients in more than 21 countries unlock material cash to fortify the supply chain and strengthen relationships. With more than 35 funding partners, eFactor Network’s multi-funder approach ensures buyers and suppliers have uninterrupted access to liquidity that is not reliant on a single funder.
Supply chain disruption caused by the global pandemic dramatically increased demand for early payment. Trade activity on eFactor programs was up approximately 20% in Q4 2020 compared to 2019. To support a broader range of companies with critical cash flow needs, eFactor network has strategically expanded its offering within the region to include additional Latin American countries, the Caribbean, and Spain.
“Companies of all sizes are looking for new ways to solve the cash flow challenges created by widespread disruption,” said Hector De La Garza, Director General at eFactor Network. “We are honored that our solutions, powered by PrimeRevenue’s technology, are helping businesses navigate the challenges of today while preparing for tomorrow’s innovation. We look forward to expanding our capabilities to a greater number of businesses in the years ahead.”
“We are excited for four more years of partnership with eFactor Network and the opportunity to expand PrimeRevenue’s solutions throughout Latin America and the Caribbean,” said PJ Bain, CEO of PrimeRevenue. “We have a joint mission to ensure buyers and suppliers in the region have access to the tools they need to improve cash flow and diversify their access to liquidity, and eFactor Network has proven they have the skills and expertise to execute on those goals.”
PrimeRevenue’s supply chain finance (approved payables financing) solutions help organizations in 80+ countries optimize their working capital to efficiently fund strategic initiatives, gain a competitive advantage and strengthen relationships throughout the supply chain. As the leading provider of working capital financial technology solutions, PrimeRevenue’s diverse multi-funder platform processes more than USD$250 billion in payment transactions per year. The company is headquartered in Atlanta, with offices in London, Prague, Hong Kong and Melbourne. Additional information about PrimeRevenue can be found at www.primerevenue.com | Twitter: @primerevenue | LinkedIn: www.linkedin.com/company/primerevenue.
About eFactor Network
eFactor Network (EFN) is a Mexican FINTECH company, leader in electronic Supply Chain Finance (SCF) solutions. EFN provides its clients a market-place where large enterprises, suppliers and financial institutions converge in one of the most robust and award-winner platforms in the world. It offers a multi-funder, multi-region and multi-currency environment, all under one single technology and a first class pre-and-post sale customer service. EFN´s clients benefit by optimizing their working capital and liquidity needs, as well as their suppliers´ need for financing, by providing access to a network of more than 35 domestic and international banks and financial institutions. The company operates in more than 21 countries and is based in San Pedro Garza García, N.L., with offices in Mexico City, Celaya and Spain.
PrimeRevenue Media Contact
+1. 978.729.3542 (U.S.)
eFactor Network Media Contact
Miguel Angel Hernandez
+52 81 8248 0800 ext. 3398