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SAN MATEO, Calif. and RESTON, Va., July 30, 2019 (GLOBE NEWSWIRE) -- TangoTrade, a B2B financial software provider that empowers small and medium sized businesses (SMBs) to import and export globally, announced today that the recently launched TangoTrade Payment Assurance™ solution, is now integrated with award-winning commercial credit solutions provider Fundation to empower SMBs to finance transactions through an integrated experience. With this important integration, SMB importers and exporters have access for the first time to a combination of payment security, market-leading foreign exchange (FX) rates for over 130 currencies, and now import financing of up to $1 million. SMBs can now take advantage of expanded global trade opportunities with TangoTrade’s Payment Assurance.
International trade is fraught with risk, particularly for SMB importers and exporters that have limited access to capital. Traditionally, large companies have mitigated these risks by relying on a “letter of credit” instrument offered by major banks. This mechanism provides a payment guarantee to the exporter upon proof of shipment. However, the existing letter of credit solutions are poorly suited for SMBs due to its high cost, low approval rates, and complex, time-consuming process. Furthermore, many banks that cater to small business do not offer a letter of credit service.
Now with TangoTrade’s Payment Assurance, SMBs can reduce payment risk without relying on letters of credit or limiting themselves to certain proprietary B2B trading platforms. Plus, the integrated financing capability enables U.S.-based importers to access financing when they need it as part of a cross-border transaction.
Payment Assurance provides a simple online interface for importers and exporters to manage the entire trade payment process, including access to import financing of up to $1 million through Fundation. To ensure security for both parties, full payment is held in a dedicated holding account. Once shipment has been validated by TangoTrade, payment is automatically transferred to the exporter, who has the option to receive payment in more than 130 currencies.
TangoTrade Payment Assurance integrated with Fundation PayOverTime™ is available through platform partners, such as cross-border payment providers, freight forwarders and other B2B aggregators. Currently, the joint solution is available through TempusFX. For more information visit: https://tangotrade.com/integration/
“With Payment Assurance, SMB importers can now access financing of up to $1 million in order to close significant commercial transactions with less risk,” said Sam Hayes, president of TangoTrade. “By partnering with Fundation, an innovative and proven credit solutions provider, TangoTrade is bringing important tools to SMBs in their quest to grow and thrive.”
Fundation is one of the nation’s leading digitally-enabled small business lenders and credit solutions providers that offers conventional term loans and lines of credit for small businesses through its banking and other strategic partnerships.
Sam Graziano, CEO of Fundation, added, “The digitization of commerce is happening everywhere and frictionless access to capital will continue to catalyze that trend. Our platform was designed for leading service providers like TangoTrade to enable small businesses to access low-cost capital through an integrated user-friendly digital experience on their platforms. We look forward to working with TangoTrade to bring real change to the importing process for business across the U.S.”
Jingming Li, a TangoTrade advisor, CEO of Trova Technologies and former Founding President of Alipay US (Alibaba Group), also noted: “Small businesses have an opportunity to outcompete larger players globally. TangoTrade provides an innovative platform with the necessary resources including Payment Assurance and now financing once only available to larger enterprises.”
TangoTrade’s financial software empowers small and medium-sized businesses (SMBs) to import and export with lower risks, costs, and complexity to expand global business. Offered through origination partners such as B2B trading platforms and freight forwarders, the TangoTrade Payment Assurance™ platform combines financing, transaction management, shipment verification and cross-border FX and payments to reinvent the outdated letter of credit. TangoTrade offers efficient, cost-effective trade solutions that expand global business opportunities for SMBs. Founded by industry veterans, TangoTrade is backed by leading investors including Village Global, Fenway Summer and Hard Yaka. For more, visit www.tangotrade.com
Fundation Group LLC is a credit solutions provider focused on the small business market nationally. Fundation is a leader in providing technology and application processing services to support more than 25 super regional, regional and community banks. Fundation’s solutions enable its financial services clients to develop a digital lending capability, provide a great customer experience, drive cost efficiency into their small business lending program, and maximize the number of customers they can serve. Fundation’s services range from simple referral partnerships to customized, integrated private labeled lending programs. The Company also partners with a wide array of organizations that serve the small business market in various capacities to deliver credit products to the business community nationwide. For more information, please visitwww.fundation.com.
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