Hodoko has announced a strategic partnership with global financial services firm, Citi, to develop a best-in-class, frictionless buy now, pay later (BNPL) solution for Covento, its first-of-its-kind renewable energy marketplace. According to Hodoko, the partnership will enable large global businesses to offer trade credit on e-commerce platforms and marketplaces.
Covento aims to revolutionize the buying processes for spare parts within the renewable energy sector, which are currently fragmented and lacking in transparency. The platform provides a central online solution that connects buyers and sellers of spare parts across various renewable energy technologies, delivering transparency for prices, product availability, and delivery tracking.
The platform's search algorithm allows a buyer to search for a part with whatever information they have available and find the part with all relevant offers from Covento's suppliers. Furthermore, the marketplace is now enabling supplier consolidation through an innovative payments solution that separates buyer pay-in with supplier pay-out.
Hodoko's collaboration with Citi has created a payment experience for Covento's customers that includes API-integrated customer registration, with instant credit scoring and limits setting, automated assessment and processing to allow trade credit in under 24 hours, and flexible deferred payment options thanks to Hodoko's B2B BNPL collections and credit management.
Steven Elms, global head of corporate, commercial, and public sector at Citi Treasury and Trade Solutions, said, “Through our partnership with Hodoko, Citi is helping to transform buyer and seller experiences across the renewable aftermarket through this transformative B2B marketplace. We're excited to create new industry models to help our clients solve complex problems in the provision of innovative payment and finance solutions.”
Raphael Caruso, director of strategic projects and partnerships at Hodoko, added, “Hodoko's proprietary underwriting engine and instant credit decisions, combined with Citi's unmatched financing capability means we're able to offer Covento customers the payment terms they desire, while suppliers receive payment up front. We're super excited to support Covento as the marketplace expands into new geographies.”
The collaboration between Hodoko and Citi is expected to drive innovation in the renewable energy sector and improve the buying experience for customers. By providing a transparent, easy-to-use platform with flexible payment options, Covento is well-positioned to transform the industry and lead the way in renewable energy marketplaces.
