Singapore-based global invoice financing marketplace Incomlend has acquired LC Lite, a specialised Web3-powered trade finance marketplace, for an undisclosed amount.
The merger will empower Incomlend to operate through a new fintech platform, reaching crypto and fiat investors through trade finance as it looks to accelerate its expansion in the Middle East. The deal will also enable the fintech firm to bring a fresh offering of Web3 technology to its platform, creating a new asset class.
Also Read: Incomlend raises US$20M Series A for Asia, Europe expansion
Investors will have access to both platforms, which will coexist and continue to offer their own standalone fintech solutions. The firm plans to expand the fintech platform to support stablecoins transactions in the future.
Founded in 2016, Incomlend is an alternative cross-border trade finance platform. It claims to have processed over 6,000 transactions in over 50 countries worldwide.
Commenting about the deal, Incomlend Co-Founder and CEO Morgan Terigi said: “It empowers us to link the crypto and fiat spaces which is going to be crucial as both markets continue to expand and new technologies become available. The merger will also increase the liquidity of the marketplace, which will help to boost the UAE economy.”
Also Read: Why blockchain is instrumental for the future of trade finance
According to the ASEAN Briefing, the value of Singapore’s net inflow of Foreign Direct Investments (FDI) is projected to trend around SGD27.7 billion (US$21 billion) in 2024. A Statista report predicts crypto revenue in the country will show an annual growth rate (CAGR 2024-2028) of 8.8 per cent, resulting in a total amount of SGD642.7 by 2028.
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