40Seas fintech raises USD 111 million from ZIM and Team8

Monday 16 January 2023 13:14 CET | News

Israel-based fintech 40Seas has raised USD 111 million composed of seed funding and a credit facility for exporters and importers.


40Seas is a fintech platform for cross-border trade financing, and its recent funding success was led by Team8 with participation from ZIM Integrated Shipping Services. The funding effort included a USD 11 million seed round complemented by a USD 100 million credit facility.

40Seas was created in partnership with Team8's Fintech Foundry, and it aims to close the trade finance gap with a product that enables digital B2B payment functionality while supporting cross-border trade between SMEs. 

The company went through a soft launch in October 2022 and has since financed transactions for dozens of SMEs according to the official press release. The company’s solutions rely on AI and data-driven technology to provide flexible payment options that make working capital more accessible for SME importers, exporters, freight forwarders, and sourcing agencies. 

For instance, 40Seas allows exporters to get paid immediately upon shipment while importers benefit from deferred payment options that can aid them in freeing up working capital without having to tie up available lines of credit. Freight forwarders and sourcing agencies can leverage the solution to create new revenue streams, improve their cross-border trade volumes, and digitise their B2B payment procedures.


Israel-based fintech 40Seas has raised USD 111 million composed of seed funding and a credit facility for exporters and importers.


More information about the credit facility

The USD 100 million credit facility is a three-year deal that was extended by ZIM. It’s an account receivables-based, senior secured, revolving credit facility that could potentially be extended to USD 200 million. 

ZIM will also integrate 40Seas into its digital freight forwarding subsidiary, Ship4wd, with the aim of generating new streams of revenue. Through this collaboration, ZIM's SME customers will receive access to a digital financing solution that could potentially minimise their operational and administrative overheads while solving challenges related to freight and inventory expenses. 

ZIM officials cited by revealed their plans to promote digital innovation in the shipping industry by investing in 40Seas. They also mentioned their partnership with Team8 in order to help bring this new digital financing solution to the market. 

40Seas officials cited by the same source explained how the trade financing landscape hasn't been able to keep up with the needs of SMEs operating in the digital era, and how SMEs need easy access to financing in order to have the best chance of survival. 

40Seas comes as an API or stand-alone platform, and both versions can be seamlessly integrated into checkout portals in order to improve the convenience of customers.

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Keywords: funding, investment, fintech, cross-border payments, accounts receivable
Categories: Banking & Fintech
Companies: 40Seas
Countries: Israel
This article is part of category

Banking & Fintech


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