TradeIX, a trade finance platform build on blockchain, has collected $16m in its latest growth funding round.
ING Ventures led the Series A investment, with participation also coming from Kistefos, BNP Paribas and Tech Mahindra. Kistefos was an existing backer into TradeIX and used this round to increase its stake in the company.
London-based TradeIX is an open platform, utilising blockchain technology for trade finance. Through a host of APIs, the solution connects existing trade platforms and applications to help make processes easier and more transparent.
The company has partners with a number of banks, corporates and ERP providers. In partnership with R3 it also leads the Marco Polo initiative for international trade banks using distributed ledgers for trade transactions. TradeIX recently launched a blockchain-powered trade transaction solution for DHL.
With this line of equity, TradeIX hopes to accelerate its customer acquisition and further invest into its open platform.
ING head of transaction services Mark Buitenhek said, “TradeIX offers a great solution for trade finance that truly enables clients to become more efficient and transparent. TradeIX operates via an open platform and ‘open’ is what ING thinks the future of financial services is going to be.
“On top of that, we see a lot of opportunity in distributed ledger technology, so we’re happy to announce we are now intensifying our cooperation with TradeIX.”
Earlier in the year, BNP Paribas led the $30m round of Digital reasoning, which uses AI to understand human intentions and behaviours. It raised the capital to expand its current product portfolio and accelerate its AI technology including speech analytics and natural language processing.
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