Trade Ledger, a financial technology platform for global small and medium enterprises founded in 2016 and headquartered in London, UK, recently raised up to £13.5 million (US$18.6 million) in a series A funding round from several venture capitalists led by Point72 Ventures .
Several venture capitalists who also invested in this funding round include Foundation Capital and founder of DocuSign Court Lorenzini. Hambro Perks, the previous investor, is also not behind to increase his investment.
Trade Ledger’s management in a company statement on Tuesday (9/2) explained that the newly raised funds would be used to expand credit distribution in the global, small and medium enterprises worth £1.2 trillion (US$1.66 trillion) unserved market.
To make this step a success, Trade Ledger will also add to its marketing and sales teams. “This new investment will allow us to double our customer base during 2021,” said Martin McCann, CEO of Trade Ledger.
To note, Trade Ledger is one of the fastest growing fintech platforms in the world. Prior to securing the latest funding, Trade Ledger raised £1.5 million (US$2.0 million) in funding from Hambro Perks in October 2019.
Funding was what drove Trade Ledger to 12-fold revenue growth over 2020. “Since we made our initial investment in 2019, the team has signed global blue-chip clients, built an outstanding team, and developed market-leading products. We are excited to support Trade Ledger,” said George Davies, partner at Hambro Perks.
As the venture capitalist leading the latest funding, Point72 Ventures also views the Trade Ledger as part of a technological wave disrupting the financial services industry a legacy of the past. “Trade Ledger technology capabilities are needed by small and medium enterprises today,” said Alex Tarhini, Operating Partner at Point72 Ventures.