ZIM has expanded its partnership with cross-border trade financing platform 40Seas, with plans to bring the new service to Australia.
Zim announced in January it had invested in the tech startup company with an aim to promote digital innovation in shipping.
The expanded partnership would see the shipping line integrate the 40Seas digital financing service via Zim’s website. It would also integrate with the website of Ship4wd, Zim’s digital freight forwarding subsidiary.
Zim would roll out the new service gradually starting with the US, Canada, UK, France, Germany, Italy, Belgium, Netherlands and Australia. It plans to add other countries over time.
The shipping line said the 40Seas service would allow users to defer payment for freight charges for a maximum period of 90 days from the invoice date, and leverage 40Seas’ credit line to finance cargo, subject to meeting eligibility requirements.
Zim president and CEO Eli Glickman said the new service would transform the way its global clients access financing.
“Zim and 40Seas are firmly aligned on championing digital innovation in the shipping industry, and together, we look forward to pushing boundaries and eradicating financing-related impediments to global commerce,” he said.
Eyal Moldovan, 40Seas co-founder and CEO, said the company was delighted to expand its partnership with Zim.
“By combining forces on a trade finance platform like 40Seas, a major carrier like Zim, and a dynamic digital freight forwarder like Ship4wd, we can make serious headway in the transformation of the global logistics landscape.
“Additionally, Zim’s extensive cross-border trade expertise, strong market position and close ties with ecosystem players, will be invaluable as we accelerate our global expansion.”
Zim said 40Seas is a pioneer of the ship now, pay later concept, which enables exporters to get paid immediately upon shipment, while providing importers with deferred payment options allowing them to boost business growth during the sale cycle without tying up available lines of credit.
