Digital trade fintech Traydstream says it has raised US$8mn in a series A funding round.
The company plans to use the funding to “operationally scale our ability to deploy globally”, chief operating officer Varinder Dhaliwal tells GTR.
Traydstream raised the funds from institutional and private investors – including AFG Partners, a Hong Kong-based venture capital fund specialising in Asian fintech investments – and family offices in Europe. The new cash brings the total raised since Traydstream launched in 2016 to US$14mn, Dhaliwal says.
The London-based company offers machine learning tools to digitise trade documentation checking and compliance. It says it has clients in 17 markets across four continents.
“This funding round allows us to accelerate our investment into infrastructure and people as we look to serve clients globally and across diverse time zones,” says Sameer Sehgal, Traydstream’s chief executive.
The managing partner and founder of AFG Partners, Ron Savino, says: “Having researched the market, we believe their solution is unique and fundamentally game-changing for the trade finance industry.”
“They continue to extend their platform by adding innovative new products and features that we believe will define best practices for the industry.”
Dhaliwal says the company is increasingly being introduced to the exporting customers of their existing banking clients “as an additional pre-check value proposition to reduce the overall discrepancies and speed up trade rules and compliance processing of international trade transactions”.
Earlier this year Traydstream hired three sales and origination executives tasked with boosting business in Africa, India and the Middle East.