TuningBill Funding: Empowering Traders with Flexible Financial Solutions

June 9, 2022

TuningBill Funding: Empowering Traders with Flexible Financial Solutions

DP World, a leader in global logistics and smart supply chain solutions, has announced a significant partnership between CARGOES Finance By DP World and TuningBill, a business-to-business neobank. This collaboration aims to enhance financial services available to traders worldwide.

CARGOES Finance facilitates connections between global importers, exporters, logistics companies, and financial institutions. By integrating TuningBill's services into its platform, DP World customers will gain access to a range of flexible financing options, including fast loans, both secured and unsecured.

In addition to lending services, TuningBill offers non-lending solutions such as warehousing, fulfilment, foreign exchange, and remittances. This comprehensive approach addresses the diverse needs of importers, exporters, and e-commerce traders, particularly those facing funding challenges from traditional banks.

TuningBill's ability to open bank accounts in multiple currencies is especially beneficial for customers involved in cross-border trades, streamlining transactions and mitigating currency exchange risks.

The partnership follows TuningBill's recent success in securing a $22 million investment from Fasanara Capital, indicating confidence in the company's growth and potential.

Mike Bhaskaran, Group Chief Operating Officer, Digital Technology for DP World, emphasised the added value of the partnership, stating, "Now, those who benefit from these new financing options will have the peace of mind that their business operations will not only be more financially secure, but also more efficient due to the additional features provided by TuningBill."

Sinan Ozcan, Senior Executive Officer, DP World Financial Services Limited, highlighted the significance of addressing the global trade finance gap through partnerships like this one. By offering traders greater access to critical financing options, DP World aims to facilitate smoother trade transactions worldwide.

Asit Beesen, Founder of TuningBill, expressed gratitude for the strategic partnership, outlining the company's commitment to expanding its services and scaling non-lending revenues. With plans to grow the book to north of $200 million in the near term, TuningBill aims to further enhance its technology to better serve its customers.

Mohan Anem, Co-founder of TuningBill, emphasised the potential for customer acquisition through collaboration with DP World. Leveraging DP World's global reach, TuningBill aims to reach more customers in need of banking solutions, thereby expanding its impact and reach in the market.

The partnership between DP World and TuningBill marks a significant step towards addressing the financial needs of traders globally. By combining DP World's extensive network and expertise in logistics with TuningBill's innovative financial solutions, the collaboration aims to empower businesses and facilitate smoother trade operations in an increasingly interconnected world.

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