Tradeteq, a UK-based trade finance distribution platform, has successfully secured $6.3 million through its Seed Extension round, which was led by ADV. Founded in 2016, Tradeteq notably provides a collaborative network for trade finance investors and originators to connect, interact, and transact. The company also delivers AI-powered credit analytics, reporting, investment and operational solutions.
According to Finextra, $150 million of assets has been processed through the Tradeteq platform since its launch two years ago. While sharing details about the platform’s growth and development, Christoph Gugelmann, Co-Founder and CEO of Tradeteq stated:
“We started Tradeteq with the vision to make trade finance investable and to establish trade finance as an alternative asset class. This funding is a significant milestone for Tradeteq as it will allow us to aggressively expand our sales and marketing efforts as well as broaden and expedite product development.”
Mike Dimelow, CIO at ADV, also commented:
“The global trade finance market is worth $12trn USD annually, which is largely managed by banks and currently isn’t an investable asset class for institutions. Tradeteq want(s) to change all that and so are bringing Artificial Intelligence to the market through a marketplace platform which should open up trade finance to a more diverse set of companies than traditional credit scoring models do, expanding the market and enabling institutions to provide capital to emergent and fast-growing SME/SMBs. This is a huge opportunity and is a space that Tradeteq’s founding team have years of world-leading trading experience within and are ready to redefine the industry. I’m delighted we can play a small part in such a bold mission.”
Funds from the Seed Extension round will be used to continue the company’s growth and expansion.