Automated trade document checking platform Traydstream has completed a $21 million Series B funding round.
Led by US-based fintech investment firm Pivot Investment Partners, and e& capital, the new cash injection will be used to build out the firm's technology stack.
Dinkar Jetley, Pivot’s managing partner comments: “With less than 1% of global trade occurring digitally, modernising 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.”
Powered by machine learning, Traydstream's software digitises trade documents and automates the trade and compliance checking processes. Clients include Detusche Bank, Standard Bank and Mitsui, among others.
The new funding round comes just four months after the firm secured an $8 million Series B.
Speaking of the new investment, 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.”