Swiss lender TradePlus24 has selected Australian tech startup Trade Ledger as its global technology partner to launch its new trade insurance wrapped lending offering across Europe.
The platform will enable TradePlus24, which is backed by Credit-Suisse, to automate its entire credit assessment process and also assess SME supply chain data in real-time, the technology vendor said.
Trade Ledger CEO and co-founder Martin McCann said: “A major problem for banks and other lenders across the globe is the cost, effort, and perceived higher risk of loan origination in the SME sector in particular.
“By removing these technical limitations around documentary trade processes, and completely automating the credit process, lenders can significantly reduce the cost of loan origination, completely eliminate certain types of risk and fraud, and rapidly increase the volume of their loan book – all without adding extra staff.”
“We are extremely excited to partner with TradePlus24 because we feel their secured global receivables financing solution is unmatched in the Australian market, and allows SMEs and mid-market companies to leverage their domestic and export accounts receivables in a completely new and unique way.”
The platform will also enable TradePlus24 to foray into Australian market. TradePlus24 is also expected to select a local Australian banking partner.