Qube Financing, a portfolio company of Principal Company, has launched a programme to provide EUR300 million in receivables finance for the SME market segment.
The initiative is part of a broader Euro mandate providing working capital finance to the SME sector as well as to multinationals.
It is supported by Insight Investment, a global investment manager, which will deploy capital through its secured finance strategies.
Qube Financing is a fully automated, front-end to back-end, receivables financing platform, supported by PRI inside, Principal Company’s receivables financing infrastructure.
The platform includes a credit underwriting process and operational data exchange with clients which reduce the time required to provide working capital to interested parties.
“We believe that the combination of applying the efficient PRI inside technology and the Qube Financing platform with the leading asset management capabilities of Insight Investment will provide optimal support to the SME segment,” says Kornelis Lammerts, CEO and managing director of Principal Company.
Alex Veroude, head of credit markets, Insight Investment, says: “Insight continues to strengthen and deepen its secured finance infrastructure and capabilities as it seeks to provide better credit investment solutions for its clients. Key to this expansion is creating effective relationships with credible partners in this field.
“The ability to add working capital solutions for SME and multinationals through Qube Financing’s technology platform is a welcome complement to the secured finance strategies we provide to pension funds and insurance companies and we look forward to working with them on this venture.”
