LONDON: Supply@ME Capital plc (SYME), a fintech company that offers a platform for businesses to access cashflow from their inventory, has announced a new deal with Banco BPM S.p.A. (BBPM), Italy’s third largest financial services group.
The deal involves an initial transaction of up to €10m with an existing client of BBPM, who is a leading producer of Italian cheeses.
The transaction is part of SYME’s White-Label strategy, which aims to partner with local banks and their clients to scale its revenue in Italy and other markets. SYME’s platform allows businesses to monetise their inventory by selling it to a dedicated stock company, which can then resell it to remarketers in specific circumstances.
The deal is a result of a collaboration between SYME, BBPM, the client company, a stock company owned by the CH Trading Hub, and various legal and accounting experts. The parties have signed a binding term sheet and are working on finalising the definitive agreements.
SYME’s CEO, Alessandro Zamboni, has a personal stake in the CH Trading Hub, which acts as an equity capital partner for the stock company.
Alessandro Zamboni, CEO of SYME, 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.”
SYME Completes First Inventory Monetisation Transaction Using Traditional Funding Sources