Israeli shipping company ZIM Integrated Shipping Services has announced the expansion of its partnership with cross-border trade finance platform 40Seas, integrating 40Seas’ digital finance solution through ZIM’s website and Ship4wd, ZIM’s freight forwarding subsidiary.
This new service will be rolled out gradually, starting in the US, Canada, UK, France, Germany, Italy, Belgium, Netherlands and Australia, with more countries being added over time.
According to ZIM, 40Seas’ flexible digital financing solution, integrated with ZIM and Ship4wd, allows customers to defer payment of freight charges for a maximum period of 90 days from the invoice date and leverage 40Seas’ line of credit to finance freight, subject to meeting eligibility requirements.
The aim of ZIM and 40Seas is to support small and medium-sized companies, importers and exporters. “By pioneering the ‘Ship Now, Pay Later’ concept, 40Seas enables exporters to get paid immediately upon delivery, while providing importers with payment deferral options, allowing them to fuel business growth throughout the sales cycle without tying up available credit lines ‘ he told ZIM in a statement.
Eyal Moldovan, Co-Founder and CEO of 40Seas commented, “By joining forces on a trade finance platform like 40Seas, a major freight forwarder like ZIM and a dynamic digital freight forwarding company like Ship4wd, we can make serious progress in transforming the world’s logistics landscape.”
ZIM participated in 40Seas’ $11 million seed round earlier this year and also provided 40Seas with a credit facility of up to $100 million to expand its business to exporters and importers.