Trade Ledger, a technology provider to the financial services industry, announced today that it has raised £13.5 million in Series A funding as the company aims to triple its customer base in 2021.
According to the official announcement, the latest funding round was led by Point72 Ventures. Foundation Capital, Court Lorenzini, Hambro Perks and other existing investors also participated in the round. Trade Ledger is planning to expand its marketing, sales and customer delivery teams.
The company focuses on small and medium enterprises (SMEs) and enables lenders to provide credit to SMEs. Trade Ledger gathers and analyzes the data required by business lenders. The company reported a significant growth in revenues during 2020.
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Commenting on the funding round, Martin McCann, CEO of Trade Ledger, said: “This new investment will enable us to triple our customer base during 2021. Adoption of our technology is critical for the post-pandemic recapitalization of the economy, and we are driving growth as fast as our capital allows, to be able to support this critical economic need, particularly for SMEs. New digital solutions based on real-time business data are the only way to address it.”
Founded in 2016, Trade Ledger aims to narrow the £1.2 trillion global credit gap for SMEs. Additionally, the company is planning to disrupt the business lending market through innovative technological solutions.
“We view Trade Ledger as part of an important wave of companies that are disrupting legacy financial technology and, in doing so, are moving the financial services industry forward. Trade Ledger’s data-driven lending capabilities coupled with their embeddable, flexible platform are bringing significant new opportunities to the business lending market, particularly the small and medium enterprises that are the engine of the global economy. Its customers already include the top global credit providers, and we believe it will continue to grow rapidly,” Alex Tarhini, Operating Partner at Point72 Ventures mentioned in the official announcement.