Swedish Trade Financing Fintech Mitigram Raises $11M
Summary
Its advanced and interoperable digital platform is designed for corporations and financial institutions to price check and execute risk cover and financing transactions in cross-border trade. Current clients include Louis Dreyfus Company, Bridgestone, Vale, Ericsson, ArcelorMittal, Trafigura, Siemens Healthineers and over 150 banks.The investment will enable Mitigram to move into its next phase of growth, executing its product roadmap, maximising the Software as a Service opportunity and drive further competitive advantage through network scaling.As part of the firms next chapter, Milena Torciano will be stepping down as CEO to take on a new role as Founding Partner of a new private equity impact fund. Today, we are trusted by more than 300 multinational corporations, leading commodity traders and financial institutions, and have facilitated $100bn+ in flows currently across 185 markets. Around 4 billion paper documents are manually generated, checked and transported in trade each year, which creates the perfect storm for high operating costs and a spiralling lack of control. This new funding round will allow us to continue doing exactly that.In addition, Kaj Head, an experienced entrepreneur and investor within the finance sector, joins as Chairman of the board, providing strategic guidance for the companys financial objectives.
Funding
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