Mitigram raises $10.7m to facilitate trade finance risks
Mitigram has secured SEK 100 million ($10.7m million) in funding with lead investor Sampo, through its wholly owned subsidiary Mandatum Life.
This funding comes twelve months after its Series A funding round.
Sampo is a listed, long-term owner of financial services assets, covering both traditional banks and insurance companies. In its portfolio, the group owns 21% of Nordea, as well as technology platforms through its investments in Nordax and Saxo Bank.
The previous funding round was backed by Kaj Hed, founder and significant owner of Rovio Entertainment, via the venture capital fund Moor&Moor. Swedish investors, Johan Andersson, CEO of Mellby Gård; and Fort Knox, a family office, also invested. All three investors are participating in the new round.
Mitigram claims it has so far facilitated $27 billion of trade finance risks from over 100 countries, covering more than 1,000 local issuing banks in both developed and emerging markets.
Milena Torciano, CEO, Mitigram comments: “With Sampo’s funding and expertise, we have a sound product development roadmap which will benefit our bank and corporate customers.
She adds: “Our goal is a simple one: to further the depth and reach of the Mitigram marketplace by delivering more product features and capabilities to increase automation and liquidity in the multi-trillion market of financing global trade.”
Since 2015, Mitigram is a market network for exporters, traders and financial institutions to access funding and risk coverage arising from cross-border trade activities. The company’s clients are multinational corporations, commodity traders and banks.
Clients include: Ericsson, Maire Tecnimont, Nokia, Olam and Wärtsilä; and the banking institutions Commerzbank, Standard Chartered Bank and Natixis.
Mitigram also enables banks to collaborate with each other and with non-bank financial institutions in the exchange of information to allow effective communication and redistribution of trade finance needs.
The platform provides access to an extended network of counterparties, supports enhanced compliance processes through its comprehensive automated quotation workflows, and provides all parties with a better understanding of market pricing and capacity.
