Trade Ledger, the global technology provider to the commercial banking and financial services industry, has raised a total of £13.5 million to complete its Series A funding round.
The equity round was led by Point72 Ventures, with strong participation from Foundation Capital, who led the debt tranche closed previously, Court Lorenzini, founder of DocuSign, Hambro Perks, and other existing investors.
Trade Ledger exists to enable lenders to provide credit to small and medium enterprises (SMEs), by showing them at a glance the information they need to make good decisions. Its platform puts the customer experience at the heart of the process and expands credit distribution without increasing risk, unlocking a £1.2 trillion un-served segment of the £7 trillion global SME credit market. Trade Ledger brings together all the data that lenders need throughout the customer lifecycle, analyses that data, and automates key processes. Lenders can act faster with less risk and serve more businesses at greater profit. They can also move into new services such as embedded finance, including offering loans as part of the payment journey on websites selling to businesses. In the four years since it was founded, Trade Ledger has won global and regional banks and alt finance providers as customers. Revenues grew twelve-fold during 2020.
With the new funding, Trade Ledger will grow out its sales, marketing and customer delivery teams. 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 recapitalisation 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.”
Alex Tarhini, Operating Partner at Point72 Ventures, said: “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.”
George Davies, Partner at Hambro Perks, said: “We are delighted to continue to back Martin, Matthias, and the entire Trade Ledger team in their mission to build the leading technology to enable lenders across the world to provide funding to SMEs. Since our initial investment in 2019 the team has signed global blue-chip clients, built an outstanding team, and developed a market leading product. We are excited to continue to support Trade Ledger.”
Tarhini will join the Trade Ledger board. He joins Court Lorenzini, founder of DocuSign, who joined as a non-executive director in 2020; George Davies, who joined as a non-executive director in 2019; and Trade Ledger founders Martin McCann and Matt Born. Angus Davis, partner at Foundation Capital, continues as a board observer.