It would be wrong to call a provider a granddaddy of a sector that is still so young. But PrimeRevenue, which was one of the pioneers of technology-enabled trade financing — with an emphasis on true “supply chain finance” or, more specifically, approved trade payables finance — really can lay claim to being one of the first.
Today, PrimeRevenue has branched out considerably from its early SCF roots. It now brings to the table a range of additional buyer-centric capabilities, including dynamic discounting, working capital-centric spend analysis and opportunity identification, supplier enablement and the other side of trade financing — receivables financing. Still, it now competes in a more competitive market than when it started.
As we’ve noted before on Trade Financing Matters, “What makes PrimeRevenue somewhat unique in this ever crowded field of early pay solutions for corporations is that they deal in a world of credit. Their approved trade payable program generally involves the use of third party credit (not always, as corporates can self-fund, but most choose not to as the commitments are too big) … the other unique feature of PrimeRevenue is they not only provide the platform (now called OpenSci) but also provide funding through their financial institution partners and onboarding services to support programs.”
Funding volume is impressive. Last year, Prime Revenue shared with us that its group of 50 financial partners were advancing more than $60 million per day to suppliers. We now estimate this number exceeds $75 million per day based on the growth of existing programs and new customer acquisition.
Please join us in congratulating PrimeRevenue on claiming a well-earned spot on the Spend Matters 50/50 list. Its growth has mirrored that of the tech-enabled trade financing market, which has been a long time in the making but is finally gaining material steam.