London-based Trade Ledger is a lending-as-a-service (LaaS) platform that supports all business lending products, both secured and unsecured. Now, the global technology provider to the commercial banking and financial services industry raised £13.5M to complete Series A funding round.
Investment to expand its business
Trade Ledger’s investments round was led by Point72 Ventures along with participation from Foundation Capital that led the debt tranche closed previously, Court Lorenzini, founder of DocuSign, Hambro Perks, and other existing investors. Trade Ledger will use the investment to grow 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: “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.”
Gets new board members
In addition to the investment round, Mr Tarhini of Point72 Ventures 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. Besides them, Angus Davis, partner at Foundation Capital, continues to serve as a board observer.
Growth in revenue during pandemic
Founded in 2016 by Martin McCann and Matt Born, Trade Ledger was founded to help the financial services sector reimagine complex business finance for SMEs and mid-market corporates in the digital economy.
It enables lenders to provide credit to small and medium enterprises (SMEs) by showing them the information they need at a glance to make good decisions. Trade Ledger brings together all the data that business lenders need throughout the customer lifecycle, analyses that data, and automates key processes.
With the LaaS service, 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. Trade Ledger won global and regional banks and alt finance providers as customers. Notably, the company’s revenues grew twelve-fold during the pandemic crisis in 2020.
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