Istanbul-headquartered Şişecam has issued the first ever financed Working Capital Note (WCN) – a digital negotiable instrument (DNI) – under a multi-million-dollar facility.
The glass and chemicals manufacturer used fintech ETR Digital’s WCN solution, delivered through its Flownote technology, a platform that can instantly issue DNIs and distribute notes between stakeholders.
The WCN was issued under the first phase of an overall facility worth up to a total of US$400mn.
DNIs can offer speed and safety advantages compared to their physical counterparts, and are backed by verified trade and invoice data.
The WCNs are subject to UK law exclusively, ETR Digital said. They fall under the UK’s Electronic Trade Documents Act, which gives paperless versions of documents the same legal standing as their hard-copy versions.
ETR Digital was launched in February last year by a group of trade finance veterans with a focus on DNIs.
It is headed up by chief executive Dominic Broom, former senior vice-president of working capital technology at Arqit and ex-head of global trade finance at BNY Mellon.
The Şişecam WCN was issued via the Faturalab working capital and supply chain finance platform, described as an “orchestration layer” connecting corporates, banks and digital instrument infrastructure.
Faturalab enables the note to be embedded into existing accounts payable workflows. The whole process took 10 working days, Faturalab said.
The transaction took place on December 30, 2025 and was financed by İşbank, a major private Turkish bank.
Marking Şişecam’s first live use of the structure in its treasury operations, the firm said the framework will be used “for further issuances as the programme scales”.
It expects to carry out more WCN transactions over the coming months as it rolls out the facility across its international operations.
Barış Gökalp, Şişecam’s treasury director, said the company works across “multiple markets, a broad and diverse supplier ecosystem, and varying payment terms” and was looking for a “scalable and modern financing instrument”.
“WCNs provide exactly that – a flexible, data-driven solution that aligns with the way our global business operates,” Gökalp said.
Broom noted: “WCNs are relatively new to the treasury toolkit, but they enable companies to optimise their working capital and finance 100% of the instrument value, while giving them immediate access to deep pools of liquidity on an as-needs basis.
“We look forward to working further with Şişecam and our partners in 2026, as well as helping more companies to unlock value across global supply chains in a way that’s scalable, practical, secure and affordable.”
Emre Aydin, chief executive of Faturalab, said that manufacturers had previously struggled to access affordable working capital in the Turkish market, and that WCNs could provide a solution.
“Şişecam has proved this works in practice,” Aydin said. “Other corporates and SMEs across the globe can now deploy the same scalable solution.”
