TradeIX announced today it has closed a new investment round of USD $16 million led by ING Ventures, the venture capital arm of ING Bank with participation from Kistefos, BNP Paribas and Tech Mahindra. The cash injection will be used to boost hiring, further accelerate customer acquisition and to invest in the development of the company’s open platform for trade finance.
TradeIX is disrupting the market with the world’s first open platform for trade finance leveraging blockchain technology. The platform is powered by APIs which connect with existing trade platforms and applications to enable trade business to become transparent, faster, and more efficient. TradeIX’s solution is decentralized allowing each client to add it to their existing platforms and applications to improve their connectivity to the wider trade ecosystem.
TradeIX has already established partnerships with various leading banks, corporates and ERP providers. It also leads the Marco Polo initiative involving international trade banks aimed at further developing the use of distributed ledger into trade transactions. TradeIX recently launched the world’s first blockchain-enabled trade finance transaction for global logistics company DHL.
“This round is a significant stepping stone for us,” TradeIX founder and CEO Rob Barnes said. “We are very excited to bring in ING Ventures, BNP Paribas, Tech Mahindra as new investors, and to continue our partnership with Kistefos. After having proven our technology with DHL and multiple banks, the investment will help us to further develop our open platform.”
“TradeIX offers a great solution for trade finance that truly enables clients to become more efficient and transparent,” ING head of transaction services Mark Buitenhek said. “TradeIX operates via an open platform and ‘open’ is what ING thinks the future of financial services is going to be. On top of that, we see a lot of opportunity in distributed ledger technology, so we’re happy to announce we are now intensifying our cooperation with TradeIX.”
“We are excited to partner with TradeIX in its next phase of growth,” Tech Mahindra global head of financial services and corporate development Vivek Agarwal said. “The partnership augers well with the global opportunity to simplify Trade Finance with the use of Blockchain technology. It is our continuous endeavor to work with new-age technology firms and bring the best and most relevant solutions to our global client base in Financial Services.”