Contour to take on Marco Polo with move into open account trade finance

Digital trade finance network Contour has completed a series A+ fundraising round, bringing in a new shareholder bank and announcing plans to expand its blockchain-based offering beyond the letter of credit (LC) into open account trade – historically the preserve of competing network Marco Polo. Participating in the funding round were existing shareholders Bangkok Bank, BNP Paribas, Citi, CTBC, HSBC, ING, SEB and Standard Chartered. Contour’s non-bank shareholders include Bain & Company, CryptoBLK and R3. Coming in for the first time is SMBC, which became the first and only Japanese bank to join the Contour beta network in September 2020. This is the latest in a number of strategic investments for SMBC, which earlier this month also entered commodity trade finance platform Komgo’s funding round. Contour has not disclosed the sum raised, but Carl Wegner, the company’s CEO, tells GTR that funds will be used to “double our company size, as our network is expanding rapidly and we need to support the new demand and influx of clients and transactions”. Since transitioning into beta as a standalone legal entity in January 2020, Contour has chalked up numerous firsts, including the first paperless renminbi-denominated deal in the iron ore industry in… continue reading

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Source: CTRM Center

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