Contour, a digital trade finance network, has closed its Series A+ funding round to help meet rising demands.
The round was supported by new and existing backers, including Bangkok Bank, BNP Paribas, Citi, CTBC, HSBC, ING, SEB, SMBC, and Standard Chartered. These financial institutions invested into Contour to drive adoption of the network within their communities of bank and corporate clients, it said.
With the investment capital, Contour hopes to meet the rising demand for its services. Funds will also be used to aid its expansion into other areas of trade finance.
Contour hopes to double the size of its team over the next year.
The company’s platform is an end-to-end trade service that connects businesses, financiers and partners across the financial and physical supply chains.
Contour CEO Carl Wegner said, “Contour’s success is proof that trade finance is the leading use case for enterprise blockchain, and the rapidly growing adoption of our network shows the market is ready and eager to digitise.
“With this investment, we move ever-closer to realising our vision of becoming the new global standard for trade finance by simplifying and removing barriers in the trade ecosystem, making the industry economically, environmentally and socially sustainable.”
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