The investment round was led by ING Ventures, the venture capital arm of ING Bank.
Trade finance technology firm,TradeIX on Friday announced that it closed a new investment round worth $16 million. The round was led by ING ventures together with investor Kistefos, BNP Paribas, and Tech Mahindra.
According to the announcement, the main priorities for the extra funding are increasing hiring rates and accelerating customer acquisition. The company also plans to invest in the developments of its open platform for trade finance.
Kistefos, BNP Paribas, and Tech Mahindra all have a successful track record of investing in Fintech providers like TradeIX. Prior to the venture round, Norwegian investment company Kistefos was already an investor, and increased its stake as part of the transaction.
TradeIX offers the world’s first open platform for trade finance leveraging blockchain technology. It connects with existing trade platforms and applications, enabling trade business to become more efficient and transparent.
Because the company’s solution is decentralized, clients can add the platform to their existing platforms and applications and improve their connectivity to the wider trade ecosystem.
Commenting on the success of the investment round, TradeIX CEO and Founder Rob Barnes said: “This round is a significant stepping stone for us. 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.”
Jacques Levet, Head of Transaction Banking EMEA at BNP Paribas, said: “We believe that TradeIX is at an inflection point, and look forward to working with the team to deliver several new innovations that we believe will fundamentally change how banks are offering and managing trade finance solutions for their corporate clients.”
Mark Buitenhek, Head of Transaction Services of ING, also added that TradeIX is an open platform, which embodies what ING thinks the future of financial services will be.
Open account trade finance
Towards the end of 2017, TradeIX, along with R3, announced a joint initiative to overhaul the open account trade finance infrastructure by using Blockchain technology.
The initiative includes twelve banks including Bangkok Bank, Barclays, BBVA, Bladex, BNP Paribas, Commerzbank, CTBC Bank, ING, Intesa Sanpaolo, Shinhan Bank, Royal Bank of Scotland and Wells Fargo.
Together, the group is developing an end-to-end open account trade finance business network. This will be powered by TradeIX, and R3’s Corda distributed ledger platform.
The aim of the initiative is to upgrade the existing trade finance infrastructure to make it more reliable and efficient, as well as implement standardized processes for the entire sector.
Trade finance technology firm,TradeIX on Friday announced that it closed a new investment round worth $16 million. The round was led by ING ventures together with investor Kistefos, BNP Paribas, and Tech Mahindra.
According to the announcement, the main priorities for the extra funding are increasing hiring rates and accelerating customer acquisition. The company also plans to invest in the developments of its open platform for trade finance.
Kistefos, BNP Paribas, and Tech Mahindra all have a successful track record of investing in Fintech providers like TradeIX. Prior to the venture round, Norwegian investment company Kistefos was already an investor, and increased its stake as part of the transaction.
TradeIX offers the world’s first open platform for trade finance leveraging blockchain technology. It connects with existing trade platforms and applications, enabling trade business to become more efficient and transparent.
Because the company’s solution is decentralized, clients can add the platform to their existing platforms and applications and improve their connectivity to the wider trade ecosystem.
Commenting on the success of the investment round, TradeIX CEO and Founder Rob Barnes said: “This round is a significant stepping stone for us. 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.”
Jacques Levet, Head of Transaction Banking EMEA at BNP Paribas, said: “We believe that TradeIX is at an inflection point, and look forward to working with the team to deliver several new innovations that we believe will fundamentally change how banks are offering and managing trade finance solutions for their corporate clients.”
Mark Buitenhek, Head of Transaction Services of ING, also added that TradeIX is an open platform, which embodies what ING thinks the future of financial services will be.
Open account trade finance
Towards the end of 2017, TradeIX, along with R3, announced a joint initiative to overhaul the open account trade finance infrastructure by using Blockchain technology.
The initiative includes twelve banks including Bangkok Bank, Barclays, BBVA, Bladex, BNP Paribas, Commerzbank, CTBC Bank, ING, Intesa Sanpaolo, Shinhan Bank, Royal Bank of Scotland and Wells Fargo.
Together, the group is developing an end-to-end open account trade finance business network. This will be powered by TradeIX, and R3’s Corda distributed ledger platform.
The aim of the initiative is to upgrade the existing trade finance infrastructure to make it more reliable and efficient, as well as implement standardized processes for the entire sector.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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