Capital as a Service offering to revolutionize inventory with off-balance sheet funding
Silicon Valley-based fintech company TCC on Thursday unveiled its flagship trade funding solution – the CaaS Wallet – at an exclusive launch event, to much anticipation and excitement by the dozens of manufacturing and procurement executives, treasurers, and bankers in attendance.
Supply chain and finance industry veterans and TCC co-founders, Sanjay Bonde and Michael Doran, underscored cash flow advantages, capital efficiency, and supply chain resilience as key benefits of the CaaS Wallet series of financial products.
“For years companies have considered inventories a necessary, but non-productive asset, and given it short shrift. TCC’s CaaS Wallet™, and in particular its flagship product, the Inventory Card™, converts it into a strength and enables CFOs to monetize inventories – and collaborate internally and externally to create a healthier inventory ecosystem. We believe the Caas Wallet™ will be a gamechanger for OEMs and contract manufacturers, especially in these fraught times,” said Sanjay Bonde, TCC’s CEO and Chairman.
TCC’s CaaS Wallet™ includes the following patent pending products:
- Inventory Card™ – offering its corporate users the power to secure access to components and raw materials without immediate purchase or incurring debt
- Factoring Card™ – offering its corporate users a convenient user interface and the power to liquidate receivables based on counterparty credit risk to generate liquidity and optimize balance sheets and its lender covenants
- SupplierPay Card™ – offering its corporates the power to accelerate supplier payments on aggressive terms in order to build better relations, reduce costs and seek priority commitments from them
“The CaaS Wallet allows client companies to drive higher yields and outcomes by judicious use and investment of their capital, at or above hurdle rates. This is a huge benefit to working capital intensive companies,” said Jim Marine, VP of Finance of global manufacturing powerhouse Flex.
“CaaS has the potential to drive collaboration between banks and Fintechs as they recognize the strengths that Fintechs such as TCC bring to the table. It’s a win-win pathway for all parties involved,” added Michael Doran, TCC’s CFO.
TCC’s inventory holding service fees start as low as 175 basis points over Libor for investment grade companies, making the CaaS Wallet™ a compelling value proposition that’s hard for CFOs and CPOs to ignore.
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