Trade Finance Startups

I had a lovely chat with a Managing Director of Global Trade Finance & Supply chain. It really triggered me to revisit the trade finance startups thats leading the innovation arena. Here are my top picks, their technology and why I think they are interesting.

  1.   Fluent: payments are linked to tokenised invoices. Once the buyer approves the invoice, the goods are considered satisfactory. The invoice is tokenised on the Network, preventing it from being refinanced again. I am intruiged by the concept of tokenised invoices and "The Network" - will follow to see their performance.
  2. · Provenance is more of a traditional product supply-line solution, but is intended for tracking everything sold in stores. The aim is to reduce the current $250bn loss by businesses and consumers to counterfeiting, enable businesses to comply with key legislation in product traceability, and support products created with a positive social and environmental impact. I think this is a concept with high potential, especially since conterfeiting is a problem that is yet to have a good solution
  3. · Skuchain aims to eradicate the use of letters of credit (LC) and help firms that don’t qualify for open account systems. YASS! Everyone hates excess documentation and LC is defintely outdated. 
  4. ·Wave completed the Barclay’s accelerator and has been working with Barclays to eradicate bills of lading. The company is Skuchain’s most direct competitor, but the startup’s focus seems more concentrated. I hate to say this as a reason why I'm including this in my top picks - but having Barclay's accelerator backing is very valuable. Especially with startups, financial and corporate backing can make or break a young company. As such this one is on my list.

 

Victoria Gao