Şişecam, a glass and chemicals manufacturer, has issued its first Working Capital Note (WCN) under a multi-million-dollar working capital facility. 

The transaction, which took place on 30 December 2025, was financed by Istanbul-headquartered İşbank, issued via Faturalab’s working capital and supply chain finance platform, and enabled by ETR Digital’s Flownote technology. It is the first live use of this structure within Şişecam’s treasury operations and establishes the framework for further issuances as the programme scales.

WCNs are digital instruments designed to help buyers improve payment terms compared to traditional invoice finance.

Barış Gökalp, Treasury Director at Şişecam, said: “Şişecam operates within a highly dynamic structure shaped by multiple markets, a broad and diverse supplier ecosystem, and varying payment terms. To manage our working capital more proactively across this complex landscape, we were looking for a scalable and modern financing instrument. Working Capital Notes provide exactly that — a flexible, data-driven solution that aligns with the way our global business operates.”

With 43 production facilities in 12 countries and a global workforce of over 23,000 employees, Şişecam collaborated closely with its banking and technology partners to deploy the WCN structure.

Volkan Guran, Director of Corporate & Trade Finance, İşbank London, commented: “We are delighted to work alongside Şişecam, Faturalab, and ETR Digital in pioneering working capital innovation. From a bank’s perspective, the WCN structure is compelling because it combines legal certainty with high-quality, verified data. It allows us to support Şişecam using a familiar risk framework, while benefiting from the efficiency and transparency of a fully digital instrument.”

The WCN was structured and executed through Faturalab, which acts as the orchestration layer between corporates, banks, and digital instrument infrastructure. By embedding the instrument directly into existing accounts payable workflows, Faturalab enables digital working capital solutions to be deployed with minimal friction. 

Emre Aydin, CEO, Faturalab, said: “Manufacturers have traditionally struggled to access affordable working capital finance, especially in the Turkish market. Thanks to our partnership with ETR Digital, Faturalab now enables approved invoices to be converted into digital instruments that banks and other funders can finance in real-time. Şişecam has proved this works in practice, with the whole project being delivered in just 10 working days. Kudos to Baris and his team for blazing the WCN trail. Other corporates and SMEs across the globe can now deploy the same scalable solution.”

Dominic Broom, CEO, ETR Digital, added: “Şişecam’s leadership has shown what’s possible when treasury teams embrace innovative digital technology like Flownote to solve real-world liquidity challenges. 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.”

Additional WCN transactions are expected in the coming months as Şişecam continues to roll out the facility across its international operations.