Bolero International, a provider of trade finance digitisation solutions, has entered into a commercial partnership with Stockholm-based fintech Mitigram to provide what it says is complete, end-to-end trade transaction lifecycle support, from initial requests for finance all the way to presentation.

The collaboration, which takes the form of a revenue sharing agreement, will see Bolero link its Galileo trade digitisation platform and electronic bill of lading (eBL) to Mitigram’s pricing discovery network.

Bolero launched its Galileo platform in February this year. The web-based platform replaces Bolero’s existing system, bringing together all of its current services in one place. It uses APIs to connect to bank and other third-party systems, while a major extension in functionality now allows users to create, edit and manage letters of credit, electronic presentations and guarantees, as well as open account transactions and eBLs.

Meanwhile, the Mitigram marketplace, which was launched in 2015, allows trade finance players to meet and collaborate on the financing and risk coverage of trade. Banks and insurers are able to bid for corporates’ trade finance business on a transaction-by-transaction basis, while companies can extend their network and compare and accept quotes. It also recently launched a new feature, Open Market Discovery, which enables corporates to build new relationships with financial institutions (FIs) to finance and cover exposures that their usual banks and insurers may not be able to service.

This new partnership will mean that from within Galileo a corporate customer wishing to conduct a transaction will be able to tap into Mitigram’s network to request and compare quotes from multiple banks on the pricing of risk mitigation and financing. It can then use Galileo to handle the trade finance with the selected bank and conduct the transaction using electronic documents. Likewise, from a pre-trade request tendered on Mitigram to assess banks’ availability for risk cover and financing, a corporate customer will be able to issue instructions to its partner banks on Galileo.

“This partnership with Mitigram will deliver substantial added value for customers on both sides in a vitally important area,” says Andrew Raymond, CEO of Bolero. “Bolero customers will find it far easier to access competitive financing and risk mitigation for special transactions and Mitigram customers will be able to conduct transactions on Galileo, enjoying all the huge advantages of Bolero’s advanced trade digitisation solution, which is safer, smarter and faster.”

“Our partnership with Bolero joins up two adjacent, but previously siloed processes, providing a genuinely seamless experience for corporate treasuries,” adds Milena Torciano, CEO of Mitigram. “By combining our two very extensive networks of partners and customers, we will drive adoption, removing the admin burden and lack of transparency from finance and risk in world trade.”

Bolero plans to announce further collaborations in the coming months as part of its strategy to “future-proof” digital trade services for banks, corporates, carriers and other ecosystems. The company currently provides electronic bills of lading as a service to trade finance network Contour, and earlier this year became part of the Marco Polo Network.