Swedish trade finance-focused fintech company Mitigram has secured SKr100mn (US$10.1mn) in a funding round, allowing the company to expand its platform reach and capabilities.

Mitigram is a marketplace where trade finance players – companies, bank, insurers and export credit agencies – can meet and collaborate on the financing and risk coverage of trade. It allows banks to bid for corporates’ trade finance business on a case-by-case basis, while companies can easily extend their network and compare and accept quotes.

Since it was launched in 2015, the platform has facilitated US$27bn-worth of trade finance risks from over 100 countries, covering more than 1,000 local issuing banks in both developed and emerging markets.

Milena Torciano, Mitigram’s CEO, says the new capital will be used to “further the depth and reach of the Mitigram marketplace by delivering more product features and capabilities to increase automation and liquidity in the multi-trillion market of financing global trade”.

She tells GTR that the company will in particular focus on delivering digital workflows for trade assets distribution, trade credit insurance and developmental financial guarantees. Mitigram will also build natural language processing (NLP) applications to interpret unstructured trade data and distributed transaction management capabilities, which will involve direct connectivity to Swift.

In terms of geographical footprint, the fintech company will continue expanding its reach into Europe, Africa and Asia, Torciano says.

Mitigram’s clients already include a range of multinational corporations, such as Ericsson, Nokia and Olam, and some of the world’s largest trade finance banks, including Commerzbank, Natixis and Standard Chartered.

Lead investor in the funding round was Sampo plc through its subsidiary Mandatum Life. Sampo plc is a listed, long-term owner of financial services assets: it owns 21% in Nordea as well as technology platforms through its investments in Nordax and Saxo Bank.

The round also saw the participation of backers from Mitigram’s SKr50mn series A funding round, which the company announced it May. They include Johan Andersson, CEO of investment company Mellby Gård, privately-owned investment firm Fort-Knox and venture capital fund Moor Capital.