We.Trade said to raise €5.5m in funding

Dublin-based We.Trade, which offers a blockchain-enabled trade finance platform, has reportedly collected €5.5m in funding.

The capital was supplied by a consortium of 12 banks, which includes HSBC, Santander, KBC and Deutsche Bank, according to a report from the Irish Times. IBM was also among the investors to the round.

Funds from the round will be used to support product development and increase sales activity, it said.

The company claims to have built the world’s first enterprise-grade blockchain-enabled trade finance platform. It leverages distributed ledger technology and smart contracts to help ease trading for buyers and sellers.

Last year, fellow Dublin-based FinTech company CreditLogic reportedly closed a €1.5m seed round to support the launch of its virtual assistant tool. The company utilises open banking, AI and analytics to help lenders streamline the loan application process.

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