Trade credit insurtech Cartan Trade has raised €9mn in capital amid a change in ownership after the exit of a founding shareholder.
Cartan said the fresh capital would “accelerate its technological and international development” as it enters “a new strategic phase”.
Paris-headquartered Cartan is expecting a 30% jump in premiums to €40mn by the end of 2025, it said in an October 15 statement. Its chief customer base is corporates that use its platform to obtain trade credit cover, but it also services banks.
The company said founding shareholder Quattro Holding has sold its stake in Cartan to Intact Corporation Financière, a Canadian insurer.
Scor, the French re/insurer, remains a shareholder with a 48% stake, while Intact owns 44% of the company. French public finance institution and export credit agency Bpifrance has an 8% share.
Cartan acts as a managing general agent using Scor paper.
“These developments mark a decisive milestone for Cartan Trade,” said Cartan chief executive Sébastien Guidoni.
“With Scor and Intact as our principal shareholders, we are entering a new acceleration phase to deliver on our roadmap, expand our capabilities, and further support the needs of our clients and broker partners.”
Cartan, which began operating in 2022 and is currently active in a handful of European markets, says its portfolio has 400 active policies and €12bn in committed cover.
The company has been building out teams in its original markets of Benelux and France, as well as hiring for southern Europe and the Nordics.
It said its next strategic priorities are the London market, Spain and northern Europe.
