Contour, a Singapore-based digital trade finance network, has announced that TIS INTEC Group of Japan has invested in it.
The deal’s other specifics haven’t been revealed. However, according to a DealStreetAsia article, numerous regional and global trade banks, including Citi Ventures and Bangkok Bank, took part in the Series A extension round, which raised $4.9 million.
Contour previously raised US $13.41 million in a Series A financing led by Japan’s Sumitomo Mitsui Banking Corporation (SMBC), Taiwan’s CTBC, the United Kingdom’s HSBC, Bangkok Bank, France’s BNP Paribas, and Sweden’s SEB.
Contour stated in a statement released on December 13 that the Series A+ funding will help it expand its network, which already includes 13 institutions in 25 countries. Beyond the existing digital Letter of Credit (LC) service, the business wants to expand its Singapore-based innovation lab to create new trade finance product offerings.
“With this investment, we move ever-closer to realise our vision of becoming the new global standard for trade finance by simplifying and removing barriers in the trade ecosystem, making the industry economically, environmentally and socially sustainable,” said Contour CEO Carl Wegner.
To help with this expansion, Contour plans to quadruple its in-house development staff next year, as well as expand its worldwide talent pool.
Contour, a decentralised digital trade finance network founded in 2020, uses enterprise blockchain technology to connect buyers, suppliers, and banks.
Due to excessive paperwork, high administrative expenses, inefficiencies, and funding hurdles obtaining LCs are typically seen as time-consuming. Contour’s main goal is to make LC process management easier and more digital. It aids in the reduction of paper-based documentation used in commercial transactions, resulting in a considerable reduction in settlement time.
Due to its enormous trade volumes in areas such as commodities, big equipment, and automotive — all of which rely heavily on trade financing products — Japan is allegedly one of Contour’s crucial markets to increase its footing.
