London-based fintech Traydstream has secured US$21mn in its series B funding round.

The funders are New York-based fintech Pivot Investment Partners and e& capital, the investment arm of Abu Dhabi-headquartered e&.

The financing will increase product innovation and drive “fundamental shifts in how trade finance operates”, says Sameer Sehgal, Traydstream’s chief executive.

“Our series B funding, besides ratifying the immense progress we’ve made as an automation platform, also allows us to accelerate our pursuit of innovative solutions that facilitate responsible, inclusive and simplified trade for all,” Sehgal tells GTR.

Sehgal says the funding “marks an important milestone” for the company, adding that “we are committed to our goal of actively contributing to a vibrant ecosystem where trade finance is readily accessible and efficiently deployed irrespective of size, segment or geography”.

“With less than 1% of global trade occurring digitally, modernising trade finance represents a massive opportunity,” says Dinkar Jetley, Pivot’s managing partner.

Managing director of e& capital Kushal Shah adds: “Trade is essential to the UAE and the Middle East, and we see a huge opportunity to be able to expand our expertise and reach, making a meaningful impact to the SMEs and corporates in the UAE and around the world.”

In 2021, the fintech raised US$8mn in its series A funding round from institutional and private investors, including AFG Partners, a Hong Kong-based venture capital fund.

Traydstream’s platform digitises and stores trade finance documentation, extracts the data, and checks it against trade and compliance rules, it says.

Earlier this year, it agreed to provide AI-powered document checking for Surecomp’s trade finance platform Rivo.