Trade finance platform TradeIX has closed a Series A investment round of $16 million, led by ING Ventures with participation from Kistefos, BNP Paribas and Tech Mahindra.

TradeIX has established partnerships with various leading banks, corporates and enterprise resource planning (ERP) providers. The company also works with enterprise software firm R3 to lead the Marco Polo initiative involving international trade banks aimed at further developing the use of distributed ledger into trade transactions.

TradeIX’s platform is powered by APIs (application programming interfaces) that connect with existing trade platforms and applications to enable trade business to become transparent, faster, and more efficient. The solution is decentralised, allowing each client to add it to their existing platforms and applications to improve their connectivity to the wider trade ecosystem.

The cash injection will be used to boost hiring, further accelerate customer acquisition and to invest in the development of the company’s open platform for trade finance.

TradeIX chief executive and founder, Rob Barnes, said the round is a significant stepping stone. “We are very excited to bring in ING Ventures, BNP Paribas, Tech Mahindra as new investors, and to continue our partnership with Kistefos. After having proven our technology with DHL and multiple banks, the investment will help us to further develop our open platform.”

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