The International Factoring Association (“IFA”), the world’s largest association of commercial finance companies, announced that they have accepted Haversine Funding and FactorCloud into their preferred vendor program. Approved vendors undergo a thorough screening process before being selected and are subject to ongoing monitoring. Both will offer an exclusive benefit available only to IFA members.

Haversine Funding helps commercial lenders fill funding gaps through participation programs, lender finance and growth capital funding. Their clients are factors, ABLs, inventory, purchase order and other commercial finance companies. Haversine Funding offers lines up to $5MM for individual transactions and up to $25MM for portfolio participations.

FactorCloud allows factoring companies, asset-based lenders and banks to reduce costs, increase efficiencies, reduce errors, and lower risk. Their easy-to-use Software-as-a-Service (SaaS) solution is the only product on the market with computer vision and artificial intelligence built in. Teams using FactorCloud have handled nearly 80% more Net Funds Employed without adding staff.

“I am excited to welcome these two firms as preferred vendors,” said Bert Goldberg, Executive Director of the IFA. “Haversine’s funding comes at a crucial crossroad in the global economy as lenders struggle with fallout from the pandemic. In addition, FactorCloud will help IFA members ramp up productivity without adding staff, a significant advantage in these times.”