TradeIX, a London, UK-based provider of an open platform for trade finance, closed $16m Series A funding.
The round was led by ING Ventures, the venture capital arm of ING Bank, with participation from Kistefos, BNP Paribas and Tech Mahindra.
The company intends to use the funds to accelerate hiring, further accelerate customer acquisition and to invest in the development of its open platform for trade finance.
Led by CEO and Founder Rob Barnes, TradeIX leverages blockchain technology to provide an open platform for trade finance. Powered by APIs (Application programming interfaces), the solution connects with existing trade platforms and applications to enable trade business to become transparent, faster, and more efficient.
The platform is decentralized allowing each client to add it to their existing platforms and applications to improve their connectivity to the wider trade ecosystem.
TradeIX has already established partnerships with various banks, corporates and ERP providers. Additionally, the company works with enterprise software firm R3, which leads the Marco Polo initiative involving international trade banks aimed at further developing the use of distributed ledger into trade transactions.
The company also has offices in Dublin, Ireland, and Singapore.