Challenger Management partners with DP World to finance trade in emerging markets

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 Challenger Management Limited, allowing customers to access working capital solutions from the global trade finance fund.

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 also provides lenders with access to data on cargo movements, enabling them to lend with confidence.

Under the partnership, CARGOES Finance will provide Challenger with digital tools to improve paper-heavy processes, KYC (know your customer) and anti money laundering information on clients, valuable trade data throughout the supply chain and other risk mitigant features on the platform.

Challenger, part of Fasanara Capital group investment house, has almost $100 million of capital deployed already. Challenger also provides systems to operate a marketplace for larger financial institutions to buy into deals that have already been financed by the fund, allowing greater funding options to traders.

With a focus on African and South American markets, Challenger offers funding access to customers in emerging markets, especially in exports.

Mike Bhaskaran, COO of Digital Technology, DP World, said: “In bringing Challenger onto the CARGOES Finance platform, we will provide access to financing options for traders in typically overlooked corners of the globe. It is another step in our mission to digitize the trade ecosystem and enable smarter trade across the world.”

Sinan Ozcan, Senior Executive Officer, DP World Financial Services Limited, said: “Cargoes Finance is putting forward an innovative vision for inclusive trade and bringing in expert trade finance lenders and companies in need of finance for their exports and imports together on a fintech platform. Our partnership with Challenger will continue to help us achieve our goal of improving the credit approval rate for SME credit application and reduce the financing cost for SME’s, especially in emerging markets like Africa.”

Francesco Filia, CEO of Fasanara Capital, said: “We look forward to supporting Challenger and their further expansion of trade finance niche operations. We were impressed by strong value proposition to the clients and deal assessment practices.”

Gary Isbister, CIO of Challenger Management Limited, said: “We’re thrilled to be partnering with CARGOES Finance By DP World. In combining our financing expertise with DP World’s logistical prowess, we will improve funding access to companies in regions that, for many years, have been overlooked and underserved.”