Ellinas Finance joins global factoring network FCI

Ellinas Finance Public Company Ltd on Tuesday announced its admission as an affiliate member of FCI, strengthening its position in cross-border trade finance.

The company, listed on the Cyprus Stock Exchange’s (CSE) regulated market, confirmed that it has joined FCI, an international network for factoring and trade receivables finance.

“The admission enhances the company’s ability to support cross-border factoring transactions through access to FCI’s established framework and international correspondent network,” the company stated.

“This development is expected to strengthen the company’s export factoring offering and facilitate structured trade finance solutions for Cypriot businesses engaged in international trade,” it added.

Ellinas Finance stated that it has more than 30 years of experience in alternative financing services and has provided more than €300 million in financing to households and enterprises to date.

In addition, the company currently finances in excess of €20 million in invoices annually.

Export factoring accounts for approximately 35 per cent of its factoring portfolio, supporting trade flows to Greece, the European Union, the United States and the Kingdom of Saudi Arabia.

The company said that admission to FCI forms part of its ongoing strategic development initiatives.

These initiatives include the planned launch of a new digital financial platform integrating lending, factoring, microfinancing and payment services.

Finally, the company stated that it will continue to update the investing public on material developments in accordance with its regulatory obligations.