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 and manage their trade transactions more efficiently.
One of the key features of Mitigram’s platform is its use of blockchain technology. By leveraging the security and transparency of blockchain, Mitigram is able to provide a more secure and reliable platform for trade finance. This is particularly important in the current climate, where concerns around fraud and cyber attacks are on the rise.
The funding secured by Mitigram will be used to further develop and expand its platform, with a particular focus on expanding its presence in Asia. The company has already established partnerships with a number of banks and financial institutions in the region, including DBS Bank and Standard Chartered.
Commenting on the funding round, Mitigram CEO Milena Torciano said: “We are thrilled to have secured this funding, which will enable us to accelerate our growth plans and continue to innovate in the trade finance space. We believe that our platform has the potential to transform the way that businesses access trade finance, and we are excited to be at the forefront of this change.”
The global trade finance market is estimated to be worth around $10 trillion, but it is still largely dominated by traditional banks and financial institutions. However, with the rise of FinTech companies like Mitigram, there is increasing competition in the market, which is driving innovation and improving access to finance for businesses of all sizes.
Overall, the funding secured by Mitigram is a positive sign for the FinTech industry, and demonstrates the growing demand for innovative solutions in the trade finance space. As the company continues to expand and develop its platform, it is likely to play an increasingly important role in the global trade finance market.
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- Source: Plato Data Intelligence.