Mitigram, a London-based FinTech company, has recently secured $11 million in funding for its global trade financing platform. The funding round was led by Swedish investment firm SEB Venture Capital, with participation from existing investors such as Sampo plc and Kistefos AS.
Mitigram’s platform aims to simplify and streamline the process of trade finance, which can often be complex and time-consuming. The platform connects importers and exporters with banks and other financial institutions, allowing them to access a range of financing options for their trade transactions.
One of the key features of Mitigram’s platform is its use of technology to automate many of the processes involved in trade finance. This includes the use of artificial intelligence and machine learning algorithms to analyze data and identify potential risks, as well as blockchain technology to provide secure and transparent record-keeping.
The platform also offers a range of tools and services to help businesses manage their trade finance needs more effectively. This includes a dashboard that provides real-time visibility into the status of trade transactions, as well as tools for managing documentation and compliance requirements.
The $11 million funding round will allow Mitigram to further develop its platform and expand its reach into new markets. The company has already established a strong presence in Europe, with clients including major banks such as SEB, Nordea, and BNP Paribas. It now plans to expand into new regions such as Asia and the Middle East.
Commenting on the funding round, Mitigram CEO Milena Torciano said: “We are thrilled to have secured this investment, which will enable us to accelerate our growth and continue to innovate in the trade finance space. We believe that our platform has the potential to transform the way that businesses access financing for their trade transactions, and we look forward to working with our partners to make this a reality.”
The global trade finance market is estimated to be worth around $10 trillion annually, but it is also a market that has been slow to adopt new technologies. Mitigram’s platform represents a significant step forward in the digitization of trade finance, and its success in securing funding is a clear indication of the growing demand for innovative solutions in this space.
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