Suuchi, Bankamoda Team on Supplier Financing in LatAm

Supply chain company Suuchi GRID has partnered with alternative bank Bankamoda in order to provide supplier finances to Suuchi GRID’s vendors and suppliers in Latin America, the companies announced Tuesday (Sept. 20).

According to the release, GRID is the “modern standard” for supply chain operations built for apparel, cosmetics, footwear, manufacturing and other industries. Suuchi said it combines PLM, ERP and a global sourcing network, featuring project management and procurement functionality.

Bankamoda, meanwhile, is an alternative bank focused on flexible financial solutions for the Latin American market, offering services like invoice and purchase order financing products for supply chain needs.

The partnership will allow vendors to get Bankamoda financing through the front end of the GRID, with the user interface integrating with Bankamoda in the back end.

That will give GRID customers and vendors the benefit of the GRID’s tools to compare and evaluate costs for various payment terms, according to the release. The companies noted that this comes as there’s been much demand for Latin American production.

In other news related to Latin American technology partnerships, blockchain-enabled B2B payments company PayStand has acquired Mexican FinTech Yaydoo, which the company has said is “one of the biggest technology unions.”

PayStand said the scale of the combined company could help it on the path to an initial public offering (IPO) in the next two years.

Read more: PayStand Acquires Yaydoo in One of Latam’s Biggest Tech Mergers

PayStand and Yaydoo have both made accounts receivable and accounts payable solutions for American and Latin American businesses, and they’ve built B2B decentralized finance payment networks in the U.S. and Mexico.

“The combined company will be one of the first global B2B blockchain platforms at a significant scale,” PayStand CEO Jeremy Almond said. “The resulting company will have processed over $5 billion in payments, added 300 additional employees, and built a network of over 500,000 connected businesses, the largest of any commercial B2B blockchains in the world.”

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