London, Toronto, New York
Demica, one of the largest independent providers of working capital solutions, today announced its strategic alliance with Bank of Montreal (BMO) to provide Supply Chain Finance solutions for their clients. Demica will license its state-of-the-art technology platform on a white label basis, providing a range of support services including buyer integration and supplier onboarding to BMO.
Demica currently has over $15bn of Assets under Administration with its global corporate and financial institution clients. This particular Supply Chain Finance alliance is unique in that BMO is the first North American bank to enter into a white label solution with Demica. Through a “SaaS” deployment in the Microsoft Azure environment, Demica is able to deliver platform solutions and the product support required to take BMO’s corporate customers live in a fully white labelled environment.
Peter Grills, Head of Global Trade at BMO, states; “We are excited to be working with Demica as our strategic partner for supply chain finance services. We are impressed by the platform’s new features and functional simplicity and we look forward to offering this enhanced service to our customers and driving growth across BMO’s Global Transaction Banking community.”
Maurice Benisty, Chief Commercial Officer of Demica, said; “The alliance with BMO is an important step for Demica, as we grow our business in North America. We have established dedicated local resource to serve BMO and are very focused on delivery for them and their customers.”
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About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider – the 8th largest bank, by assets, in North America. With total assets of $830 billion as of April 30th, 2019, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
Demica is a rapidly growing Fintech providing working capital solutions to large corporates and banks with a broad range of receivables, inventory and payables finance products. The company focuses on multinational clients all over the world, across industries and sectors. Growing at 40% per year, today Demica’s platform manages working capital programmes for over 400 corporates with total funded programmes of over $15bn. In 2019, Demica has won 4 prestigious industry awards including Global Finance Supply Chain Provider of the Year.