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Harbor Launches In India, Expanding Market Coverage
Harbor, a U.S. based fintech company that is reinventing international trade finance, recently announced an expansion of its operations to India. This announcement comes after Harbor’s recent geographic expansion into Mexico in February and is part of the strategic roadmap to build Harbor’s global platform for SME’s.
“Harbor’s ecosystem is growing at an exponential rate. As we continue to expand into key markets, we are focused on providing innovative and comprehensive solutions for our user base” said Bryan Maloney, CEO at Harbor. “Our franchise partners have the origination capacity and understand best practices in their respective markets. This is the key to building our global platform.”
Harbor India is being launched through a franchise partnership with Blue Ocean, a Mumbai based asset manager and investment advisor focused on working capital and trade finance. The scope of Harbor’s offering in India will be receivables finance for the 63 million MSME sized businesses which represent 40 percent of all Indian export volume.
“We are delighted to launch Harbor’s India operations and are confident this will bring a sea of change for how SME exporters access working capital,” said Amit Saklecha, Country Head at Harbor India. He also emphasized that there is a huge funding gap for export and global supply chain finance for small and middle market companies, noting that India’s MSME segment represent 45 percent of industrial production and contributes around 30 percent to India’s GDP which is forecasted to be 8.4 trillion USD by 2030.
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