Traydstream, an automated trade document checking platform, has announced the completion of a $21m Series B funding round.
The funding was spearheaded by US-based FinTech investment firm Pivot Investment Partners and e& capital.
Specialising in the field of trade finance, Traydstream leverages machine learning to digitise trade documents. Their innovative software automates the trade and compliance checking processes. Renowned clients of the firm include names such as Detusche Bank, Standard Bank, and Mitsui.
The fresh capital will be channelled towards enhancing the company’s technology stack, aiming for a broader and more sophisticated reach.
It’s noteworthy that this latest capital injection follows closely on the heels of another funding round. A mere four months ago, Traydstream successfully secured $8m in a Series B round.
Pivot’s managing partner Dinkar Jetley said, “With less than 1% of global trade occurring digitally, modernising trade finance represents a massive opportunity. We have been greatly impressed by Traydstream’s team, platform, and strong traction with clients across geographies. We look forward to partnering with the leadership team on this exciting next phase of the company’s growth, accelerating momentum and serving the needs of a fast-growing roster of clients, both banks and corporates.”
Furthermore, Traydstream CEO Sameer Sehgal remarked, “This Series B funding marks an important milestone in Traydstream’s journey. The trade finance ecosystem is at an inflection point, and with innovative technologies, we see the power of converging capabilities to simplify the lives of all involved in trade and commerce worldwide.”
Earlier, Traydstream had raised an $8m Series B funding just four months before this recent round.
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