/C O R R E C T I O N -- 40Seas/

In the news release, 40Seas Partners With Sourcing & Logistics Leaders to Simplify Importing Goods From China, issued Dec. 6, 2024 by 40Seas over PR Newswire, we are advised by the company that the photo needed to be replaced. The complete, corrected release follows:

40Seas Partners With Sourcing & Logistics Leaders to Simplify Importing Goods From China

Amid surging global sales volumes, 40seas is enabling sourcing agencies and logistics companies to automate AR, extend finance to customers, and digitize invoice management

NEW YORK, Dec. 6, 2024 /PRNewswire/ -- 40Seas, the leading platform that is redefining trade finance and global accounts receivable management for SMEs, has announced a new strategic partnership initiative geared towards alleviating the complexities of importing goods from China.

As part of 40Seas' mission to facilitate smooth international trade and seamless product distribution from China, the company has partnered with some of the country's leading sourcing agencies and e-commerce fulfillment platforms including JingSourcing, Portless, NextSmartShip, and China Freight.

This partnership initiative comes as businesses seek to capitalize on surging sales demand, while providing timely deliveries to consumers who expect nothing less than fast and efficient shipping. Amazon recently announced record-breaking sales for this year's Black Friday and Cyber Monday events, making it the company's largest 12-day holiday shopping period to date, with unprecedented sales volumes and strong participation from SMEs in particular.

JingSourcing, Portless, NextSmartShip, and China Freight now join the dozens of companies worldwide that are already using 40Seas' Global Accounts Receivable platform – which centralizes invoice data in a user-friendly dashboard, allowing partners to elevate their offering to customers, with multiple payment methods, different currencies, as well as 40Seas' Order-Now-Pay-Later solution to extend payment terms.

By automatically connecting their ERP or accounting software to 40Seas' AR platform, companies can enjoy a streamlined reconciliation process, matching invoices with purchase orders and delivery receipts in real-time, while collecting payments via credit card, direct debit or digital wire transfers in different currencies worldwide. The 40Seas platform also enables companies to offer extended payment terms of up to 90 days to their customers, without absorbing any credit risk, so they can focus on driving sales volumes rather than debt collection and underwriting payments. 40Seas is available as an API or stand-alone platform, both of which can be seamlessly embedded into checkout portals to improve business flow and deliver more convenience to customers.

The announcement extends 40Seas' impressive growth trajectory, having raised $117 million in funding in 2023, which included a $100m credit facility from ZIM. Headquartered in New York with offices in Shenzhen, Toronto and Tel Aviv, 40Seas was founded by industry experts with more than 60 years of combined experience in cross-border payments, logistics, and trade financing.

Eyal Moldovan, Co-founder and CEO of 40Seas said: "40seas is proud to empower the rapidly expanding global ecosystem of 3PLs and logistics operators who share our vision to digitize and streamline key steps in B2B global trade. We look forward to working with our growing partnership network to accentuate their offerings to customers with 40Seas' proprietary AI-powered AR platform, B2B cross-border BNPL and digital payment solutions."

Izzy Rosenzweig, Founder and CEO of Portless said: "We're delighted to partner with 40Seas, a platform that is powering a new wave of flexible financing and AI-driven solutions that resolve many of the longstanding inefficiencies in the global trade arena. By simplifying how goods are imported from China, together we can empower businesses to focus on scaling operations, manage costs more effectively and capitalize on exciting new growth opportunities."

About 40Seas

40Seas is an AI-powered Accounts Receivable platform built for businesses engaged in global commerce. With extended payment terms, streamlined workflows and end-to-end AR management, 40Seas enables companies to reduce manual work, errors and DSO, strengthen customer relationships, expedite invoice approvals and manage due dates more effectively. 40Seas is committed to delivering smarter solutions for SMEs, helping them scale at pace and improve operational resilience in today's competitive global trade arena.

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SOURCE 40Seas