Ping An and JPMorgan are to join a $60 million financing round in supply chain finance outfit Taulia, according to the Wall Street Journal.
The Taulia platform has two million suppliers signed up and financed more than $7.5bn dollars worth of invoices last quarter. The online system accepts invoices for early payments from suppliers which can then be paid out by either the buyer or by third-party financial institutions including banks.
Taulia in April secured a deal with JPMorgan to provide its clients with access to the system. A similar deal was signed with Italian lender UniCredit in June.
News of the financing round - which will value the company at $400 million - was confirmed to the WSJ by Taulia chiff executive Cedric Bru. The round is being led by the fintech investment arm of Ping An Insurance and will include JPMorgan's strategic investment unit and a venture arm of Saudi Arabia's Aramco.
The proceeds will be used to expand globally and introduce new products, Bru said. Ping An will help expand Taulia’s platform in China, a country integral to many companies’ supply chains, and Aramco will do the same in the Middle East, he added.