Finance Program Enables Companies to Realize Revenues Faster to Focus on New Product Development and Business Growth
HONG KONG – November 6, 2020 – Seabury TFX (“STFX”), a specialist in trade finance solutions for supply chains and a company of Seabury Capital Group LLC, rolled out an all-new finance program, TrakFin (TrakFin.com), on the sidelines of the 2020 Hong Kong Fintech Week.
The finance program is targeted to enable companies in the app store and advertising community to gain faster access to their earnings and deploy their resources more rapidly to fuel product development and business growth.
Companies that are selling apps and placing advertising on major platforms, such as Google Playstore, Apple iTunes, and Google Adsense, often face delays of up to 60 days in gaining access to their earnings. App developers, in particular, are underbanked because their monthly revenues frequently do not reach the $1 million threshold required by traditional banks and their account receivables programs. The complexity and size of these digital transactions further compound the challenge, with traditional programs invariably turning companies away because they are unable to manually verify sales.
“TrakFin.com is the ‘go-to’ solution for streamlining the process for app store and ad companies to shorten their cash conversion cycle,” explained Seabury TFX Chief Executive Officer Robert Lin. “By getting paid earlier from the TrakFin finance program, businesses operating in the app development and online advertising space no longer need to be cash strapped and can focus their efforts on further product development and business growth.”
Originally started as an experiment after Seabury TFX had developed digital APIs to bring in supply chain transaction data into its funding platform, TrakFin has evolved into a robust tool that facilitates company onboarding and sales data verification, as well as streamlines funding and reconciliation processes.
“Our platform allows us to easily integrate, analyze, and process multiple sources of data for use in account receivables discounting scenarios,” added Lin. “By following a straightforward sign-up process, a facility can be set up and funds deployed quickly. Thus, companies simply do not have to wait 60 days for their app store and advertising earnings.”
Margaret Chan, Seabury TFX’s Vice Chairman, concluded: “TrakFin is an excellent extension to STFX’s growing suite of trade finance products and services, which further advance our objective to bring the disruption and innovation to the trade finance space that contribute to bridging the gap in an underbanked sector.”
Visit TrakFin.com for more information.