we.trade, a blockchain-based platform for open account trade, has entered a strategic alliance with CRIF, a provider of credit bureau and business information, outsourcing and processing services, as part of a successful €5.5mn capital round. Last year, the platform’s financial future looked uncertain, after funding raised from some shareholder banks proved lower than expected, with many opting not to reinvest in recent rounds. At the same time, a potentially significant injection of funding from Euler Hermes – believed to be in the region of €2-3mn – did not materialise. As a result, we.trade was forced to cut around half of its workforce and turn its focus to bringing in new additional funding from shareholders and licensees. A source close to we.trade’s operations tells GTR that IBM, which took a 7% stake in the company last year, agreed to defer certain financial obligations owed to it by we.trade, paving the way for the company’s board to chart a financial way forward. This allowed for a new capital round to take place, in which Omer Ahsan, chairman of we.trade, tells GTR that six of the platform’s 12 member banks, among them HSBC, La Caixa, Nordea and Santander, invested a total of €3mn.… continue reading
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Source: CTRM Center