Tradeteq collects $6.3m in seed round

UK-headquartered trade finance distribution platform Tradeteq has collected $6.3m for its seed equity round.

The investment was led by ADV, and will be used to support the expansion of Tradeteq platform and the launch of new applications and data services. A number of unnamed existing-backers in Tradeteq took part in the round.

Tradeteq offers an online network for finance investors and originators to connect, interact and transact. The company uses AI-powered credit analytics, reporting, investment and operational solutions to aid transparent and scalable investments.

Since its founding in 2016, the company has helped process $150m of assets through its platform.

ADV CIO Mike Dimelow said, ?The global trade finance market is worth $12trn USD annually, which is largely managed by banks and currently isnt an investable asset class for institutions. Tradeteq want to change all that and so are bringing artificial intelligence to the market through a marketplace platform which should open up trade finance to a more diverse set of companies than traditional credit scoring models do, expanding the market and enabling institutions to provide capital to emergent and fast-growing SME/SMBs.p>

Earlier in the year, the company received an investment from newly formed investor Singapore-based GTR Ventures. Since this investment, TradeTeq has opened an office in Singapore to support its expansion into Asia Pacific.

GTR focuses on the TradeTech space, and co-founder Kelvin Tan told FinTech Global that avoiding the hubris of FinTech investing and moving to more niche areas was key when launching the firm.

Earlier in the week, supply chain finance platform Greensill received $250m from General Atlantic, valuing the company at $1.64bn. The company is a non-bank provider of working capital to businesses, enabling them to pay suppliers faster.

Copyright ? 2018 FinTech Global

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