ING Ventures Leads Series A Investment in TradeIX
TradeIX has announced it has closed an investment round of US$16m led by ING Ventures, the venture capital arm of ING Bank. The Series A investment was done by ING Ventures together with investor Kistefos, BNP Paribas and Tech Mahindra. 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 is marketed as the world’s first open platform for trade finance leveraging blockchain technology. The platform uses APIs to 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.