Suuchi Inc. and Bankamoda Announce Supplier Financing Partnership to Support Exponential Growth of USA to LatAM Nearshoring
Suuchi GRID the modern standard for supply chain operations and Fintech company Bankamoda, the alternative bank focused on flexible financial solutions today jointly announced a partnership to provide supplier financing to the GRID's suppliers in Latin America
PARAMUS, N.J., Sept. 20, 2022 /PRNewswire-PRWeb/ -- Suuchi Inc, parent of Suuchi GRID the modern standard for supply chain operations and Fintech company Bankamoda, the alternative bank focused on flexible financial solutions today jointly announced a partnership to provide supplier financing to the GRID's vendors and suppliers in Latin America. The GRID has three core products, a PLM, ERP, and a Global Sourcing Network (GSN), with strong collaboration, project management and procurement functionality across the core products. GRID customers use the PLM and ERP to manage their supply chain and collaborate with their vendors. With the Global Sourcing Network (GSN) customers are also able to plug into a vetted network of suppliers in Latin America. With this partnership, both GRID GSN vendors as well as GRID customers' other vendors that are in Latin America can avail of Bankamoda financing through the GRID front end. GRID's user interface will integrate with Bankamoda's engine in the backend, providing GRID customers and vendors the benefit of the GRID's intuitive interface to compare and evaluate costs of financing for different payment terms and choose the best option. This partnership comes at a time where demand for Latin American production has been exponentially growing. GRID customers will be able to leverage Bankamoda's unmatched understanding of the Latin American market and move even larger volumes nearshore by availing Bankamoda's payment terms. With GRID's user interface managing the workflow and transactions on the front end, GRID customers and vendors will continue to have a seamless end to end view of their entire supply chain, including now financing terms and the associated data.
The Suuchi GRID is the modern standard for supply chain operations built for apparel, cosmetics, footwear, manufacturing, and over twenty other consumer product industries. The GRID combines the best of PLM and ERP, with robust collaboration, project management and procurement layers across the length of the platform. The GRID's Global Sourcing Network (GSN) is a critical third core product under the platform. The GSN is the perfect match for mid-tier and enterprise companies for whom it is a strategic long-term imperative to establish and grow footprint in the Americas. The GRID is a single-source-of-truth for brands and manufacturers to create, track, collaborate, and report across both upstream and downstream supply chain operations. Whether the GRID acts as a standalone tool or seamlessly integrates with current tech stacks, the platform provides an end-to-end view of the supply chain, including updates and analytics, across product development, sourcing, production, quality, and logistics.
Bankamoda is the leading alternative bank focused on flexible financial solutions for the Latin American market. The company is run by a team of expert entrepreneurs and bankers with unique and unmatched experience of the Latin American market and needs of suppliers in those countries. With the demand for Latin American suppliers' capabilities growing rapidly, Bankamoda has emerged as a power player at the right time and at the right place. Bankamoda offers both invoice and purchase order financing products to suppliers and suppliers' supply chains in Latin America. Bankamoda has invested heavily in its technology engine which considers many factors across customer and supplier profiles to determine the optimal financing solution and rates. Beyond the massive market opportunity, CEO Maria del Mar Palau is most passionate about the social transformation she can enact by changing the lives of small and medium-sized businesses in Latin America.
The companies spent much time getting to know each other before forging the partnership. For Bankamoda, it was reassuring to know that Suuchi Inc had invested heavily over many years in Latin America and that the company had brought huge volumes of business to Latin America by connecting their customers to Latin American suppliers through the GRID. Suuchi Inc was impressed with the knowledge and expertise of the Bankamoda leadership team, and their social impact vision. The two companies also bring together similar values in transforming the supplier financing sector with the use of intuitive and smart software.
"This is a proud moment for Suuchi Inc and Bankamoda. But this is also a moment I take much personal joy from. Maria is a powerhouse, and a fellow software company woman CEO, builder, and mother. I am inspired by Maria's social movement, and equally pumped about the massive size of the market we have the potential to dominate with this partnership. Excited to connect USA's manufacturing demand with Latin America's incredible infrastructure. Proud to bring together two incredible companies, their technologies and better serve our customers and suppliers," said Suuchi Ramesh, CEO and founder of Suuchi Inc.
"Social mobility driven by business growth and technology is our obsession and what defines us as a team. We focus on our client's experience and growth by understanding where they are in the business cycle, their growth stage, and their opportunity to make a positive impact in the community. That is why this partnership with Suuchi Inc is exciting, and it outlines the path to expand our horizons and we could not be happier" said Maria del Mar Palau, Founder and CEO of Bankamoda.
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About the GRID
The Suuchi GRID is the modern standard for supply chain operations built for apparel, cosmetics, footwear, manufacturing, and over twenty other consumer product industries. The GRID combines the best of PLM and ERP, with robust collaboration, project management and procurement layers across the length of the platform. The GRID's Global Sourcing Network (GSN) is a critical third core product under the platform. The GSN is the perfect match for mid-tier and enterprise companies for whom it is a strategic long-term imperative to establish and grow footprint in the Americas. The GRID is a single-source-of-truth for brands and manufacturers to create, track, collaborate, and report across both upstream and downstream supply chain operations. Whether the GRID acts as a standalone tool or seamlessly integrates with current tech stacks, the platform provides an end-to-end view of the supply chain, including updates, and analytics on product development, sourcing, production, quality, and logistics.
Suuchi Inc partners with customers to deploy its platform as a software solution to digitize their upstream and downstream operations through its PLM and ERP offerings. Customers interested in a long-term investment of nearshore sourcing may choose to have access to the GRID's Global Sourcing Network (GSN). Suuchi's GSN is a managed marketplace of factories and mills, mostly located in Latin America, driving more effective sourcing outcomes in the Western Hemisphere. With the GRID's robust collaboration layer extending across the PLM, ERP and GSN products, companies can create, track, collaborate and report across the entire length of their supply chain. Suuchi Inc is digitally transforming what high growth brands and manufacturers think is possible in supply chain management. For more information, visit https://www.suuchi.com/.
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About Bankamoda
Bankamoda was founded and is run by a team of expert entrepreneurs and bankers with unique and unmatched experience of the Latin American market and needs of suppliers in those countries. Bankamoda's CEO, Maria del Mar Palau has over 10 years of combined experience in private and public organizations closely related to the fashion industry. In addition, she has been Vice minister of Industry as well as Executive VP at Bancoldex. Throughout her career, she has had a strong focus on delivering affordable financial solutions to entrepreneurs with high potential to drive socially innovative and profitable enterprises. She has an Executive MPA Degree from Harvard University as well as a Master's and Bachelor's Degrees in Economy and Political science from Universidad de Los Andes Colombia.
With the demand for Latin American suppliers' capabilities growing rapidly, Bankamoda has emerged as a power player at the right time and at the right place. Bankamoda offers both invoice and purchase order financing products to suppliers and suppliers' supply chains in Latin America. Bankamoda has invested heavily in its technology engine which considers many factors across customer and supplier profiles to determine the optimal financing solution and rates. Beyond and outside of the massive market opportunity, the CEO Maria del Mar Palau is most passionate about the social transformation she can enact by changing the lives of small and medium-sized businesses in Latin America.
Media Contact
Victor Cortes, Suuchi Inc, 1 9737252781, [email protected]
SOURCE Suuchi Inc
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