LSQ, a leading provider of technology-driven working capital solutions, today highlighted its business progress and key achievements for 2020 anchored by the continued growth of its LSQ FastTrack® Working Capital Platform.
“Like everyone, we navigated our share of challenges in 2020. We also reached an important inflection point in the growth of our LSQ FastTrack platform, added exciting new strategic partnerships, and remained a resilient source of funding for our clients throughout the pandemic,” stated Dan Ambrico, CEO of LSQ. “The arrow is pointed up, and we remain well-positioned for continued growth in 2021.”
LSQ Corporate Highlights
● LSQ continued the accelerated growth of LSQ FastTrack, it’s unified working capital platform that allows enterprises of all sizes to offer supply chain finance, dynamic discounting, and accounts receivable finance to their entire Seller ecosystem. The platform encompasses a Buyer Portal, Seller Portal, Accounts Receivable Management Dashboard, and in-depth analytics, reporting, and customer credit monitoring.
● Two 2020 hirings of note include Don Renyer as Head of Product and Vikas Shah as EVP of Supply Chain Finance. Don is responsible for dictating the overall product and technology strategy, driving large-scale organizational change, and leading the development of LSQ FastTrack. Vikas is responsible for the go-to-market strategy and execution for LSQ FastTrack, including sales, business development, and marketing, as well as establishing critical networks with partners, suppliers, and buyers.
● Our data science team improved and launched the 2nd version of its credit engine and operationalized invoice performance engine that improved Accounts Receivable collections and provided key insights to clients navigating a difficult corporate credit environment.
Supply Chain Finance Highlights
● Supply chain finance revenue experienced a nearly tenfold increase from 2019 due to the maturation of the LSQ FastTrack platform and the signing of several large enterprise clients, including United States Steel (NYSE: X), Seville Farms, and Ingenus Pharmaceuticals.
● LSQ formed a technology partnership with LexisNexis® to integrate supply chain finance for legal receivables into their CounselLink® platform. The partnership allowed LexisNexis to offer early payment financing to thousands of professional services and law firms.
● LSQ partnered with the Export-Import Bank of the United States (EXIM) and The Huntington National Bank to provide a $200 million facility for U.S. Steel.
“Deep expertise in Data, Credit, and Risk Management will be key to helping suppliers grow sales, maintain financial health and resiliency,” says Vikas Shah, EVP of Supply Chain Finance. “LSQ is uniquely positioned to leverage this capability to continue to drive significant value for its clients.”
Accounts Receivable Finance Highlights
● LSQ originated over $188 million in Accounts Receivable financing facilities during 2020, including over $75 million in originations from new clients. In a recently published infographic, LSQ provides details on the diversity of industries, territories, and breadth of facility sizes originated in 2020.
● Through a targeted portfolio outreach effort, LSQ helped more than 60 clients better understand how to source, apply for and utilize over $50 million in funding through the Paycheck Protection Program (PPP).
"These achievements highlight LSQ's ability to adapt and work with bankers, brokers, and businesses to create working capital solutions within a challenging environment," commented Renee Jackson, SVP, National Sales Director. "Our long-standing history working closely with financial professionals and ability to navigate the complexities faced during COVID have served our network of referrers well, notably over the last three quarters."
LSQ estimates that a more restrictive lending environment and tightening of credit insurance markets in 2021 will continue to provide opportunities to further develop relationships with a range of partners and lead to providing additional financial relief to U.S. businesses. LSQ is on a solid trajectory to unify its Supply Chain Finance and Accounts Receivable Finance offerings into a consolidated working capital platform to drive end-to-end transparency, visibility, and insights for corporates to manage their cash and credit needs.
LSQ provides businesses with trade finance solutions to optimize their working capital and improve their cash flow. Offering accounts receivable and accounts payable finance (supply chain finance) solutions, LSQ provides clients and their suppliers with a simple, secure, and honest funding experience through our LSQ FastTrack platform. LSQ blends AI-powered credit risk and data science with human insights to give customers the means to obtain full visibility into their cash flow and accelerate their business. LSQ, headquartered in Orlando, Florida, has helped 1,000s of companies access $25 billion in its 20+ years in business. Learn more about our solutions at www.lsq.com.