The automated trade document checking platform, Traydstream, has successfully concluded a Series B funding round, raising $21 million. This funding round was led by Pivot Investment Partners, a US-based fintech investment firm, and e& capital. The additional funds will be utilized to further enhance the company’s technology infrastructure.
“With less than 1% of global trade occurring digitally, modernizing trade finance represents a massive opportunity. We have been greatly impressed by Traydstream’s team, platform, and strong traction with clients across geographies. We look forward to partnering with the leadership team on this exciting next phase of the company’s growth, accelerating momentum and serving the needs of a fast-growing roster of clients, both banks and corporates,” comments Dinkar Jetley, Pivot’s managing partner.
Traydstream’s software relies on machine learning technology to digitize trade documents and automate trade and compliance verification processes. Some of its notable clients include Deutsche Bank, Standard Bank, and Mitsui.
Remarkably, this new funding round follows closely on the heels of Traydstream’s previous success, securing $8 million in Series B funding just four months ago.
Sameer Sehgal, CEO of Traydstream, says: “This Series B funding marks an important milestone in Traydstream’s journey. The trade finance ecosystem is at an inflection point, and with innovative technologies, we see the power of converging capabilities to simplify the lives of all involved in trade and commerce worldwide.”
