Blockchain Firm TradeIX Raises $16M USD Led By ING VenturesJune 21, 2018
Blockchain trade finance platform TradeIX has closed a new investment round of $16 million led by ING Ventures. The Series A investment round also saw participation from other investors, Kistefos, BNP Paribas and Tech Mahindra.
The TradeIX Platform enables trade finance parties to more easily connect to the broader trade finance market, including suppliers, buyers, service providers, B2B networks, credit underwriters and financial institutions. The platform provides benefits to all trade finance parties through enhanced funding opportunities, lower cost and reduced risk. TradeIX’s decentralized solution allowis clients to add it to their existing platforms and applications.
The new funding came after TradeIX announced its partnership with logistics giant DHL to create a blockchain-enabled trade finance transaction solution. TradeIX said the funding 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.
“This round is a significant stepping stone for us,” said TradeIX CEO and Founder Rob Barnes. “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.”
Benoit Legrand, Chief Innovation Officer of ING and CEO of ING Ventures, said that his company is constantly looking for FinTechs that help them to deliver a differentiating experience for their clients, adding that TradeIX fits the bill.
“Extending our existing partnership into an investment helps to bring this solution to even more clients in the near future, empowering them to stay ahead in their business,” Legrand said.
Mark Buitenhek, Head of Transaction Services of ING, added that TradeIX offers a great solution for trade finance that truly enables clients to become more efficient and transparent.
“TradeIX operates via an open platform and ‘open’ is what ING thinks the future of financial services is going to be,” Buitenhek said. “On top of that, we see a lot of opportunity in distributed ledger technology (DLT).”
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