Stockholm-based Mitigram, delineated as the pioneering force in the realm of digital platforms dedicated to global trade financing, has raised $11m in fresh funding.
This financial boost significantly bolsters the company’s total funding, which now stands at an impressive $38m.
The latest influx of funding originates from a diverse roster of committed investors, displaying avid confidence in Mitigram’s innovative business model and ambitious growth strategies.
Founded in 2014, Mitigram has been trailblazing the FinTech industry by offering the world’s first digital exchange dedicated to global trade financing. The platform is masterfully engineered to cater to the needs of both corporations and financial institutions, providing them with a versatile platform for pricing, risk cover and transaction execution in cross-border trade. Its illustrious clientele boasts notable names such as Louis Dreyfus Company, Bridgestone, Ericsson, and Siemens Healthineers, along with over 150 global banks.
With the fresh capital at its disposal, Mitigram plans to usher in a new phase of growth, focused on expanding its product capabilities and strengthening its Software as a Service (SaaS) offerings. By scaling its network, the firm aims to maintain a significant competitive advantage in the fast-paced FinTech landscape.
In line with these strategic shifts, there have been significant changes in the company’s leadership. Milena Torciano, the outgoing CEO of Mitigram, will be stepping down to become the Founding Partner of a new private equity impact fund. Despite her new role, Torciano will remain a significant presence on the company’s board. In the interim, the CEO role will be shouldered by Malin Bäcklund, the current CEO of Moor Holding.
Reflecting on her tenure at Mitigram, former CEO Milena Torciano said, “We founded Mitigram with the mission to open up a closed market, and to streamline and augment global trade. Today, we are trusted by more than 300 multinational corporations, leading commodity traders and financial institutions, and have facilitated $100bn+ in flows currently across 185 markets.”
Offering insights into Mitigram’s future plans, interim CEO Malin Bäcklund said, “At Mitigram, we are passionate about closing the gap that is estimated to cost the industry $4tn in total each year. This new funding round will allow us to continue doing exactly that.”
In a strategic move to steer the company’s financial objectives, Kaj Hed, a seasoned entrepreneur and investor, has been appointed as the new Chairman of the board.
Embracing his new role, Kaj Hed, Chairman of Moor Holding and Mitigram, stated: “Mitigram is already the first market network by scale and the most interoperable trade finance platform by design, but with the addition of fresh capital and the expertise of our global team, we are confident in our ambitions to be the number one network for trade finance professionals worldwide.”
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