Supply@ME Capital PLC (LSE:SYME) has provided an update on the execution of its first official Inventory Monetisation (IM) transaction, saying the IM transaction is in the final stage of its completion.
IM is used by companies to access working capital by selling unsold or unused inventory, for example to a bank, as part of a scheme, with the inventory sold back to the company at a later date when needed.
On 28 June this year, the fintech business announced a strategic alliance with VeChain Foundation, the block application platform, to launch the Web3 stream as well as funding up to US$10mln of IM transactions.
In a statement, Supply@Me said the two companies have worked together to design the integration process between their respective platforms.
All that is left is the signing of commercial, purchase and service agreements by the relevant companies.