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New Zealand's ASB Bank joins USD 1.7 mln round for trade finance startup

Tuesday 17 December 2019 12:34 CET | News

New Zealand-based ASB Bank has participated in an USD 1.7 million seed funding round for trade finance blockchain startup TradeWindow.

TradeWindow said this is ASB’s repeat investment in the startup, with two new investors - family office Leroux and their consulting partner Te Hana, as well as family office Rae also participating in the round. ASB previously invested a “significant” amount in TradeWindow in August 2019 and now reportedly owns 21% of the startup.

With the fresh capital, TradeWindow aims to commercially launch its blockchain-based trade finance platform. Through a “single trading window,” the startup claims to help users save on costs by sharing trade information under one platform.

TradeWindow officials said that the platform has been tested and is now close to commercial launch. The company also added that this is piquing the interest of some of the region’s most experienced exporters, carriers, banks, ports and airlines.



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Keywords: TradeWindow, ASB, New Zealand, trade finance, funding round, blockchain based trade finance platform, blockchain startup, ASB Bank
Categories: Banking & Fintech
Companies:
Countries: New Zealand
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Banking & Fintech