Mundi started with a simple question:
“How can exporters find new global growth opportunities?”
The response from companies was that they know how to find new clients, but they can’t afford to sell to them because every potential client wants credit on their purchases. The negotiation looks like this:
An exporter and importer meet at a trade show / online / via referrals.
Importer: I love your product and would like to buy USD 50,000 worth
Exporter: Great, can you pay me now?
Importer: Oh no. I want you to buy the raw materials, manufacture the goods, pay your employees, ship everything, let me inspect the goods and then 60 days after delivery I can pay for them. Deal?
Exporter: I want to work with you, but I can’t be your bank.
When Small and Medium exporters ask banks for credit, they get rejected. This causes an estimated USD 1,500,000,000,000 (that’s 1.5 Trillion) trade finance gap (read more here and how Covid is making it worse here). Most of this problem is felt by SMEs, which can’t participate in international trade unless they extend credit on a handshake to their buyers. However, this problem affects our entire society by limiting economic growth and job creation.
Meet Mundi. Our mission is to empower companies to trade globally.
Our first product allows exporters to sell on credit and get paid today, without default risk, for both new and old clients. We also partner with freight forwarders, carriers and importers to offer digital payment, financing and collections options. We are building Trade Finance for the digital age.
International trade is good for the world and we want to remove all systemic barriers to ensure it recovers and grows further.
We enable B2B sellers to focus on what they do best. By paying a small fee they can sell without worrying about underwriting, servicing, fronting money and collections. Today, exporters are extending credit on a handshake. At Mundi we are solving that by offering payment terms as a service.
We are live for Mexican exporters selling to the US, Canada and Europe and working on several new products for those and other geographies.
COVID is shaking up international trade. We are here to help you expand your borders in these challenging times. If you want to learn more, visit us here — we are open for business.