Barclays has invested £3m into the London-based fintech platform Trade Ledger in an equity deal that will also see the bank integrate the company’s tech.
Founded in 2016, Trade Ledger’s software slots into lenders’ existing technology to provide oversight of loan products, analysing data to provide information such as credit risk.
Barclays is looking to increase its tech capabilities by incorporating Trade Ledger’s automated credit management service into its own services.
“Businesses need access to reliable, flexible finance now more than ever. Investing in and implementing the Trade Ledger Platform will allow us to make lending decisions faster and more efficiently, using real-time data drawn from a rich variety of sources, and powerful workflows,” said James Binns, global head of trade and working capital at Barclays.
“This drives faster time-to-money, reducing the cost of funding in supply chains, which has huge benefits for our corporate banking clients and the communities they support.”
The investment into Trade Ledger follows a five-year history of the two companies working together.
“Our history with Barclays goes back to 2018 when we won the Barclays Open Innovation Challenge and, from then on, we have worked with the bank’s leadership team to identify areas of the bank where our technology could be applied to deliver transformational value to the bank’s lending processes,” said Martin McCann, co-founder and CEO of Trade Ledger.
“Our common mission to create a world where every business gets the capital it needs to thrive, is key to our strong working partnership with Barclays.”
Trade Ledger previously secured a £13.5m investment round in 2021 from Point72 Ventures, Foundation Capital, Court Lorenzini, and Hambro Perks.
The post Barclays backs London fintech Trade Ledger with £3m appeared first on UKTN | UK Tech News.
Powered by WPeMatico
