Tech-enabled B2B global sourcing platform BuyHive today announced its partnership with 40Seas, a leading provider of supply chain financing solutions, to offer cross-border B2B financing solutions to small and medium businesses. Through this partnership, BuyHive will enable SME buyers in the United States, Canada and the UK to get up to $1 million dollars’ worth of credit for their sourcing from China, Hong Kong, Vietnam and India under ‘Buy Now Pay Later’ (BNPL) terms.
This partnership is expected to be a game-changer for small and midsized B2B buyers looking to purchase a diverse variety of products from overseas factories. BuyHive’s new financing tool, developed in collaboration with 40Seas, will enable buyers to quickly figure out the credit limits they can get, based on their production volumes and other factors. With this tool, buyers can get access to the funding they need to purchase products, without having to worry about cash flow or credit constraints.
BuyHive’s financing tool will be particularly helpful for businesses that have limited capital or credit history, and therefore struggle to secure traditional financing. With the new tool, these businesses can finally access the funding they need to grow their businesses and compete in the global marketplace.
Minesh Pore, co-founder and CEO of BuyHive, said, “We are excited to partner with 40Seas and bring this financing tool to our buyers. This partnership will enable us to provide our customers with a more comprehensive set of services, helping them source and finance the products they need to succeed.”
The new financing tool is a powerful addition to BuyHive’s comprehensive set of sourcing and management solutions. With this tool, BuyHive is positioned to be an even more valuable sourcing partner for businesses looking to succeed in the global marketplace.
Eyal Moldovan, co-founder and CEO of 40Seas, said, “We are delighted to partner with BuyHive and bring our cross-border trade financing solution within easy reach of millions of small and midsized businesses looking to source products overseas. We also believe that this partnership will not only transform the sourcing dynamics for these businesses, but also aid business growth for suppliers and in turn strengthen global trade.”
Since 2019, BuyHive has helped hundreds of brands and sellers worldwide to find, qualify, and work with the best manufacturers to get products made and onto their store shelves on time. From discovery to delivery, BuyHive’s comprehensive sourcing solutions leverage the gig economy and technology to connect eCommerce sellers worldwide with the best manufacturers who can make quality products at the right prices to fuel their sales growth. BuyHive’s network of over 5,000 Sourcing Experts have deep experience sourcing products across the major consumer product categories including Home Decor, Garden & Outdoor, Sports & Fitness, Gifts & Premiums, Fashion Accessories, Apparel, Toys, DIY,and Electronics & Smart Home.
40Seas is a fintech platform for cross-border trade financing that is tailored to SMEs engaged in global commerce. By leveraging data-driven technology, the company is able to offer flexible payment options that are primed to disrupt legacy trade-financing solutions, and make it faster, cheaper and easier for supply chain players – importers, exporters, freight forwarders and sourcing agencies – to access working capital.
BuyHive is a B2B tech-enabled sourcing platform that uses trust, accountability, and technological efficiency to differentiate its procurement solutions, including a network of specialized sourcing experts and a contract manufacturing solution to help global buyers identify and work with suitable suppliers from around the world. BuyHive today has over 5,000 sourcing experts from all of the world’s leading sourcing markets, and has served customers in the US, UK, the EU, India, Greater China, and Southeast Asia.