Meet Morgan Terigi, co-founder and CEO of Incomlend

Morgan Terigi is co-founder and CEO of Incomlend. A serial entrepreneur, Morgan boasts an extensive background in retail and trade. An engineer by training, Morgan graduated from HEC Paris Business School with an MBA in 1999. Between then and founding Incomlend in 2016, Morgan worked in Asia, mostly in the garment industry. There he held several positions including Director of PMC International Ltd from 2005 until 2015, as well as Managing Director of BMT International Ltd and Director of PMC Fashion between 2010 and 2015. 

In January 2016, Morgan co-founded Incomlend after spotting a gap in the market to create a supply-chain finance platform, enabling companies to access funding for their working capital needs and bridge the gap between institutional investors, accredited investors and SMEs. Incomlend launched in Singapore with a core team of five people. Over the last six years, Incomlend has helped finance a significant number of transactions in over 50 countries worldwide.

There’s always a lightbulb moment before the beginning of a new venture. What was that moment for you?

That lightbulb moment came when my former business partner mentioned the then-recent setup and existence of receivables financing platforms in China and Singapore. It felt like the repackaging of an old industry, thanks to the use of online tools and technology. This is something that we have seen and still see across business models. But in this case, as a company owner and active user of trade finance, that felt like it was something directly related to my experience and the timing felt perfect, as the fintech industry was really in its infancy stage.

How do you prepare for all the unknown obstacles when running your business? 

By definition, one cannot prepare specifically for what is unknown, but in general I tend to follow Murphy’s Law. I try to avoid losing touch with reality when things go well and thus go numb. I always consider that when things are going well, this is the time to prepare for a storm by either strengthening a certain business unit, raising more capital, or diversifying the business. These are times to really work hard. But then of course when times are worse, one needs to work even harder.

What’s the biggest lesson you’ve learnt so far as an entrepreneur?

To remain extremely nimble and every obstacle is a challenge, not the end of the road.

How did you fund the business in the early stages?

We raised funds against equity through various business angels after doing a detailed business plan.

What does your business offer its target audience? 

We are focused on non-recourse receivables financing primarily on cross-border transactions. The intention is for us to provide diversified access to financing for exporters without pledging assets or paying down a deposit.

What’s the most common problem your customers approach you with? 

It is primarily to increase their working capital by optimising the financing of their receivables. A lot of companies are struggling to gain access to levels of financing that meet their actual needs when the assessments are linked to their financials. This is where the Incomlend approach kicks in.

Describe your business in three words.

Receivables, Financing, Marketplace.

Tell us about your journey into this market.

I would say that it hasn’t been dull considering the macro-economic & geo-political events we have gone through since the beginning of our Incomlend journey in early 2016 and, in particular, over the last years with the start of COVID. From a worldwide pandemic, the largest in a century, a European conflict of a size that hadn’t happened since WWII, inflation rates unseen for decades, subsequent interest rate hikes as well unheard of for decades, and currently a Euro at a record low… Going through all of this, and I’m sure, much more to confirm, hopefully, more on the positive side this time, shows how important it is to remain extremely nimble, at least when having a global business plan.

How do you set yourself apart from other businesses in your industry? What plans do you have for Incomlend over the next two years?

The intention is to strengthen our position all across Asian markets and to achieve a dominant position with Asian sellers as a cross-border receivables financing provider, but mainly also to enhance automation and artificial intelligence across the platform. A balanced mix of IT and revenue-generating business.

What advice would you give some looking to enter the fintech industry as an entrepreneur?

I would advise selecting a business model that is able to generate revenue at a very early stage of the journey and making sure to maintain a very generous runway in terms of capital in the current environment.