Business lending platform Trade Ledger announces £1.5m funding round
Source: press release
Business lending platform Trade Ledger, which automates commercial lending processes for global banks and alternative finance providers, has announced a £1.5m funding round led by Hambro Perks.
Established in 2016 and now operating on three continents, London-based Trade Ledger provides a platform which it calls an ‘innovation layer’.
This automates digital business finance, helping bank and non-bank business lending organisations to use process automation and scale business credit operations.
Trade Ledger uses Open Banking, machine learning, artificial intelligence and robotic process automation tech to replace legacy bank systems with working capital solutions for business customers.
It is claimed the new tech can reduce the time-to-cash from the industry average of 90 days to 4 minutes.
Trade Ledger’s co-founder, Martin McCann said: “There is a £1.2 trillion gap in credit that businesses need to optimise growth which is why we created this lend-tech.
“We believe that only by reimagining new types of credit services only possible with this lend-tech, can banks solve this massive business problem profitably and at scale globally.
“By leveraging open trade data via APIs alongside other enterprise-grade enabling technologies, financial institutions can drive significant operational efficiencies and product innovation within their internal operations and dramatically increase market share.”
“With the increasing threat of big technology firms like Google, Amazon and Alibaba bridging the gap between traditional financial services and the supply-chain eco-system, incumbent banks and lenders must start thinking about how they remain relevant.”
George Davies, Partner at Hambro Perks added: “We are delighted to be backing Trade Ledger as Martin, Matt and the Trade Ledger team continue to develop market-leading tech that benefits businesses around the world. Hambro Perks is committed to supporting brilliant founders and teams that are building global businesses, and we believe that Trade Ledger has enormous global potential.
“We are very excited about Trade Ledger’s rapid growth and to support Martin and Matt as they tackle the barriers that have created such a vast undersupply of working capital for businesses across the globe.”