Egypt - Contact Financial Holding, the leading Egyptian non-banking financial services company, has announced the signing of a collaboration agreement with B2B tech platform and trucking marketplace, Trella, to expand the former’s credit services and enable a wide variety of digital platforms to meet their business objectives.
Contact and Trella are partnering up through four different subsidiaries within Contact; Contact Factoring, Contact Leasing, Contact Credit, and Contact Creditech. Each agreement provides a tailored service to finance Trella’s working capital needs, their carrier base, truck spare parts, and maintenance services, supporting Trella’s rollout in Egypt and its regional expansion.
Contact Factoring signed a financing agreement to finance Trella Egypt’s working capital needs. This strategic collaboration also serves Trella through Contact Financial Holding’s other two subsidiaries, Contact Credit and Contact Leasing; they will finance Trella’s carrier base to purchase trucks for either individual carriers or MSMEs owning a number of trucks and wishing to increase their fleet.
Additionally, Contact Creditech, which specializes in consumer finance, will finance Trella carriers’ purchases on Trella Store, an e-commerce platform designed by the company to provide trucking products such as tires, brakes, engine lubricants, maintenance services, and other trucking necessities.
Said Zater, CEO of Contact Financial Holding, said: “I can’t express my gratitude for this collaboration, as Contact is always keen on exploring and supporting new start-ups. We are very proud to partner with Trella and provide them with the financial solutions needed to expand their business. Contact integrates the tech-based system and the company’s dynamic efforts toward enabling emerging digital platforms to support financial inclusion initiatives spearheading the lending-as-a-service (LaaS) in Egypt.”
Omar Hagrass, CEO of Trella, commented, “We are fortunate to have Contact as one of our partners to provide different financing solutions to our customers. The supply chain has been witnessing a lot of innovation lately, but not as much was felt on scaling financing options to the stakeholders involved. Through our partnership with Contact, we are going to avail ancillary financing solutions to our carriers, in addition to sourcing working capital facilities to our trucking business, getting us one step closer towards achieving our vision to empower our communities.”
This agreement comes as a part of Contact’s strategic direction and continuous efforts in supporting startup companies. Contact has been and is always keen to collaborate with Partners to develop and improve how consumers and companies access non-financial services and achieve a high-quality customer experience. Previously, Contact signed several collaborations with notable startups including Wasla, Carzami, OneOrder, Shatablee, Toothpick, Nawy, Sakneen, and finally Trella.
© 2022 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).