Trade finance fintech Mitigram has acquired eexpand, a trade intelligence platform, as it looks to boost its trade finance capabilities for financial institutions and SMEs.
Under the deal, Mitigram acquired Export Enterprises, which operates eexpand, as well as all its core assets, including business-to-business matchmaking platform Trade Club Connect and AI tool Trade Pilot.
The parties did not disclose the financial terms of the transaction.
The eexpand platform “helps businesses identify export markets and connect with potential counterparties using international trade data, market intelligence and AI-driven matchmaking”, MItigram said.
Using its own digital trade finance platform alongside eexpand’s offering, the fintech aims to help corporates find opportunities, better understand markets and obtain financing.
Financial institutions “gain a powerful engine to grow their export trade finance business” and connect with firms moving into new markets, it said.
Paris-headquartered eexpand was founded in 1989, and was already a partner of Mitigram prior to the acquisition. It works with more than 50 financial institutions, including Lloyds, Santander, Bank of China and Royal Bank of Canada.
Joshua Kroeker, chief executive of Mitigram, said: “Through our existing relationship with eexpand, we have seen the value of its technology, data and customer relationships first-hand.
“eexpand has built a strong position in an area of international trade that is fundamental to trade growth: helping banks and businesses identify growth opportunities, understand markets and connect with the right counterparties.”
Kroeker was named Mitigram’s chief executive in October last year. In May this year, the fintech set up an advisory board “to provide critical and strategic counsel” to the company.
Last month, Mitigram launched an AI agent named Alfred to turn “fragmented” bank risk pricing requests and communications into a single pool of data.
