FACTORING SERVICES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
Factoring Services Market, By Application (Domestic and International), By Enterprise Size (Large Enterprises and SMEs), By Provider (Banks and NBFCs), By Industry Vertical (Construction, Manufacturing, Healthcare, Transportation & Logistics, Energy & Utilities, IT & Telecom, Staffing, and Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)
In January 2023, GE and KUKE, Poland's Export Credit Agency (ECA), formed a strategic partnership in export finance worth US$ 1.06 billion (EUR 1 billion). This collaboration aims to assist GE's global energy clients in reducing carbon emissions and promoting electrification. Under the agreement, GE's Polish operations will work with KUKE to secure debt insurance for specific transactions, facilitating significant investments in renewable and gas-powered projects worldwide through Polish exports and the supply chain.
In October 2022, BNP Paribas completed the acquisition of Kantox, a leading fintech company specializing in automated currency risk management. Kantox's software streamlines corporate foreign exchange processes with its API-driven solution, aligning perfectly with BNP Paribas' Growth Technology Sustainability 2025 strategy. This acquisition aims to accelerate technological innovations, enhance customer experiences, and offer advanced capabilities to BNP Paribas' clients in the cross-border payments sector.
In March 2023, BNP Paribas teamed up with Hokodo to introduce a Buy Now, Pay Later (BNPL) solution platform. This platform allows large international companies to offer their business clients flexible payment options. Leveraging Hokodo's B2B BNPL platform and BNP Paribas' expertise and financial stability, this cutting-edge solution combines advanced cash management and factoring capabilities to provide a seamless BNPL experience.
In the same month, FINAMCO and Tradewind Finance (Germany), a leading trade finance service provider, joined forces to enhance factoring services for businesses in Colombia and neighboring regions. Both specializing in international factoring, these companies aimed to leverage their expertise and global networks to offer affordable and efficient financing solutions to Latin American businesses. Through this partnership, Tradewind sought to establish itself as a competitive alternative lender in Latin America, where access to trade finance has historically been limited.