Trade finance fintech Mitigram has raised US$11mn in a fresh funding round and announced a new CEO.

The Stockholm-headquartered platform, which provides digital trade finance solutions for financial institutions and corporates, says the latest fundraising brings the total amount raised since its founding in 2014 to US$38mn.

Around 90% of the new cash came from existing investor Moor Holding, the family office of Finnish entrepreneur Kaj Hed. The remainder was contributed by Mandatum Life Insurance Company and Swedish family offices Fort Knox AB and Johander AB.

Malin Bäcklund, Moor Holding’s CEO, has been appointed interim CEO of Mitigram while Hed, Moor Holding’s chairman and owner, is now also chair of the fintech.

Bäcklund tells GTR she is likely to remain in post until the end of the year while the company recruits a replacement for Milena Torciano, who has stepped down to become a founding partner of a private equity impact fund while remaining on Mitigram’s board.

Mitigram says the proceeds of the fundraising will be used to continue scaling up the business and to execute its product roadmap, chiefly expanding the functionality and coverage of MitiManager, a one-stop-shop for corporates to digitally manage their trade finance transactions.

“We will also focus on opening up for interoperability with other partners and third-party technologies,” Bäcklund says. “We will build an open platform and we need to add value for both corporates and banks; that’s the main priority.”

The company will also prioritise “industrialising” the signing up of new corporate customers and focus on “strengthening delivery capabilities”, she says.

“I feel we are very aligned now with shareholders, the board of directors and the management team on the vision, which has been all the time to digitise global trade finance.”

The company declined to say what the company was valued at during the latest capital raising.

Asked whether recent high-profile failures of trade finance fintechs such as Serai, Marco Polo Network and have dampened investor appetite in the sector, Bäcklund says a key difference between those platforms is that Mitigram is independent of banks and has developed a “new and independent solution… in an entrepreneurial culture”.