40Seas unveiles all-in-one Global Accounts Receivable solution

Tuesday 18 June 2024 15:21 CET | News

Israel-based fintech 40Seas has announced the rollout of its all-in-one Global Account Receivable solution to streamline credit, risk, and invoice management.


The 40Seas Global Accounts Receivable platform gathers invoice data in a user-friendly dashboard, enabling companies to easily track payment statuses, manage due dates, and expedite invoice approvals, mitigating the risk of payment delays.

By connecting their ERP or accounting software, companies can enjoy a streamlined reconciliation process, matching invoices with purchase orders and delivery receipts in real-time, while collecting payments via credit card, direct debit or digital wire transfers in multiple currencies worldwide.

The platform also enables companies to offer extended payment terms of up to 90 days to their customers, without absorbing any credit risk, so they can focus on driving sales volumes rather than debt collection and underwriting payments. 40Seas is available as an API or stand-alone platform, both of which can be seamlessly embedded into checkout portals to improve business flow and deliver more convenience to customers.

40Seas has announced the rollout of its all-in-one Global Account Receivable solution to streamline credit, risk, and invoice management.


40Seas expands AR platform amid increase in accounts automation spend

Research and consultancy company Gartner predicts that expenditure on accounts-focused automation and supplier e-invoicing software is set to reach up to USD 1.75 billion by 2026. The lack of standardised invoicing practices across industries and regions means that reconciling invoices with purchase orders and delivery receipts can be time-consuming and tedious. 

The launch of 40Seas' Accounts Receivable platform continues the company's arc of growth, having announced its USD 111 million funding raise in January 2023, which included a USD 100 million credit facility from global shipping giant ZIM, followed by a USD 6 million seed extension and onboarding of new strategic investors. Companies worldwide are already using the 40Seas AR platform, including ecommerce fulfilment platform Portless, mobile phone accessories brand APLONG, Chinese sourcing agent Jingsourcing, and global e-Bike brand Himiway.

Augmenting B2B finance with Order Now, Pay Later

40Seas' B2B Order Now, Pay Later solution enables suppliers to get paid immediately upon shipment, helping them get a head start on their next production cycle, while providing buyers with deferred payment options so they can grow their business without tying up available lines of credit. By leveraging data-driven technology, 40Seas can incrementally verify creditworthiness, assess risk, and process financing more efficiently than a traditional bank – making it faster, cheaper, and easier for SMEs to access working capital.

Officials from $0Seas said the launch of their Global Accounts Receivable platform represents the latest step in their mission to digitise and streamline key steps in B2B global trade. For too long, error-prone, manual AR processes have undermined productivity for enterprises across the industry spectrum. In today's increasingly congested supply chain landscape, improving cash flow management through automation is a prerequisite for longevity. Their real-time tracking enables companies to easily monitor invoice statuses, identify bottlenecks, optimise workflows, and drive business growth.

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Keywords: e-invoicing, digitalisation, BNPL, risk management, reconciliation
Categories: Banking & Fintech
Companies: 40Seas
Countries: World
This article is part of category

Banking & Fintech


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