3rd Jan 2024 12:04
(Alliance News) - Supply@Me Capital PLC on Wednesday said it has secured funding from Banco BPM Spa to fund an initial inventory monetisation transaction with a value of up to EUR10 million.
The fintech platform said the transaction is a key milestone, and is its first white label deal. It noted that the inventory is that of an existing client of Banco BPM. The client is within the agrifood supply chain, producing Italian cheese, it said.
White labelling refers to rebranding a manufacturer's product under the name of a seller.
It said Banco BPM will fund the transaction via an EUR8.5 million bank debt as well as EUR1.5 million of equity investment.
It added that the white label client has signed a commitment up to EUR10 million to become a re-marketer of a potential client in Supply@Me's pipeline.
Chief Executive Alessandro Zamboni said: "Achieving the Commitment from BBPM for our first White Label transaction is a momentous milestone for the group which demonstrates the value and applicability of our proprietary Inventory Monetisation model for commercial banks and their customer base.
"BBPM is the perfect partner for us to initiate and scale our White Label business line. It's credibility and long-standing reputation as one of Italy's foremost leading banking groups will enable us to bring our solution to a much greater number of clients, providing a means for businesses to improve their capital positions by offering access to funding based exclusively on the value of their inventory."
Supply@Me shares rose 0.7% to 0.070 pence each on Wednesday afternoon in London.
By Harvey Dorset, Alliance News reporter
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