Israeli ocean carrier ZIM Integrated Shipping Services has announced the expansion of its partnership with cross-border trade financing platform 40Seas, integrating the 40Seas’ digital financing solution via ZIM’s website as well as Ship4wd’s, ZIM’s freight forwarding subsidiary.
This new service will be rolled out gradually starting in the United States, Canada, United Kingdom, France, Germany, Italy, Belgium, Netherlands and Australia, with additional countries added over time.
In particular, according to ZIM, with 40Seas’ flexible digital financing solution integrated into ZIM and Ship4wd, customers will be able to defer payment for freight charges for a maximum period of 90 days from the invoice date, as well as leverage 40Seas credit line to finance cargo, subject to meeting eligibility requirements.
ZIM and 40Seas aim to support small-to-medium enterprises importers and exporters. “By pioneering the ‘Ship Now, Pay Later’ concept, 40Seas enables exporters to get paid immediately upon shipment, while providing importers with deferred payment options allowing them to boost business growth during the sale cycle without tying up available lines of credit,” said ZIM in a statement.
Eyal Moldovan, 40Seas Co-founder and CEO, commented, “By combining forces on a trade finance platform like 40Seas, a major carrier like ZIM, and a dynamic digital freight forwarder like Ship4wd, we can make serious headway in the transformation of the global logistics landscape.”
ZIM participated in 40Seas’ US$11 million seed funding round earlier this year and also provided 40Seas with a credit facility of up to US$100 million for expanding its business to exporters and importers.