Leading Mexican Import & Export Factoring Provider Expands Global Customer Base
Atlanta, GA, March 4, 2013 – e Factor Network SA de CV (EFN), the leading Mexican technology provider for electronic factoring operations to national and international companies announced today operating results for the year ending December 31, 2012. In partnership with PrimeRevenue, Inc., the leading SaaS platform for Supply Chain Finance (SCF), EFN provides the most comprehensive SCF solution on the Mexican market for Buyers and their Suppliers allowing them to cut costs and risks and optimize working capital throughout their supply chains.
- A 135% increase in volume funded equivalent in USD and 121% growth in loan portfolio over 2011.
- Significant growth in the number of buyer programs with 10 new programs added in 2012. Current programs include: Axtel, Xignux, Farmacias Benavides, Bachoco, Tiendas Comercial Mexicana, Nemak, Oxxo, CIE Celaya, Construlita and Zoppas among 31 financial buyer programs that are currently managed in Mexico and USA.A 104% increase in the number of suppliers on the PrimeRevenue OpenSCi platform through e Factor Network.
- International growth in import factoring to suppliers in countries such as Canada, Ireland, Italy, China, Taiwan and USA.
- An increase in the number of financial institutions (FIs) providing liquidity on a global basis including the IFC, Bancomext, Banorte, Bancomer, Monex and eFactor Diez.
- An increase in the activity of Electronic Suppliers Financing with a total of over $1 billion USD traded in 2012.
- The opening of new offices in Mexico City & Bajio which serve the Company’s expanding customer base.
“We are very pleased about exceeding our 2012 goals across the board,” said Hector de la Garza, e Factor Network CEO. “It was a year of hard work in which we turned challenges into achievements, overcame obstacles, and seized market opportunities. The increase in the number of Buyers and Suppliers engaging on our platform speaks to the success of our strategies in addressing the specific needs of our clients for customized supply chain finance programs. Furthermore, in order to reiterate our commitment to providing ongoing support to our community, in 2012 we launched the “EFN Volunteers” project. This initiative consists not only of community projects, but also provides support to our employees by helping them secure scholarships,” concluded de la Garza.
“We are delighted to witness the tremendous growth and success of EFN in 2012 and our partnership with them,” said Dan Juliano, vice president of business development, PrimeRevenue, Inc. “The steady increase in the number of Buyers and Suppliers who use the PrimeRevenue OpenSCi™ supply chain finance solution to gain visibility into future cash flows and strengthen their supply chains demonstrates the strategic value this partnership brings to Latin America,” concluded Juliano.
e Factor’s primary goal is to deliver Supply Chain Finance solutions for corporations and financial institutions located in Mexico and Latin America. The company has extensive experience working with e-factoring solutions in Mexico since 2001. Using the PrimeRevenue OpenSCi™ SCF Platform, EFN can enable corporations and banks to finance suppliers located in Mexico and around the world, connecting them with funds from Mexican as well as non-Mexican financial institutions. Through the partnership, EFN brings to Latin America the first multi-bank solution that equips global corporations with the ability to integrate international subsidiaries’ supply chain finance programs on a single platform. Headquartered in Monterrey, Mexico, EFN team vision is to bring working capital solutions for Global Corporations and their Suppliers by designing joint strategies for Supply Chain Finance management. For more information, visit http://www.efactornetwork.com.