360tf, a digital trade finance platform that connects banks and corporate from across the globe and enables them to seamlessly manage their LC financing requirements, has raised USD 1.5Mn within five months of going live.
The round was led by industry scholars and professionals associated with the founders across 6 countries .
360tf aims to disrupt the manual, inefficient, and expensive task of scouting LC financing for these stakeholders by creating a ubiquitous digital platform.
The platform brings market efficiency to a largely offline, ad-hoc, and unstructured yet crucial piece of trade financing.
It brings several benefits such as non-recourse financing, low single digit interest, and market confidence to high-risk countries.
Within five months of going LIVE, 360tf has amassed a Gross Transaction Value (GTV) of 125 Mn+ and a user base of 110+ corporates from 7 countries with an annual turnover of USD10 Billion.
360tf network banks are domiciled across the globe and include international banks with robust balance sheets as well as regional and domestic banks.
For the omni-sector corporates on the platform, a process that was previously a tedious multi-channel exercise is now a simple single-channel access to a world of trade finance.
360tf is a scalable cloud-based platform that will leverage new technology trends to solve pressing problems in trade finance such as the tokenization of trade assets for distribution to untapped non-bank liquidity sources.
The Co-founders, CA Pankaj Mundra, Capt Sunil Saraf, CA Nisarg Dugad and Vikram Lodha, come with an extensive experience in financial services. They are leveraging on their prior experiences of working with corporates and banks in order to fill a Trade Finance business gap and deliver a superior customer experience.
“ We have got fantastic response from both SME & large corporate clients across the globe & we are adding almost one client per day . We are aiming to onboard 1000 clients before end of this year. 360tf will cover 360 degrees of trade finance and it will include distribution of trade assets, open account financing, insurance, FX, and a list of surprise offerings to provide a ‘one-stop’ shop for trade financing worldwide.”said Pankaj Mundra Chairman & Co-founder 360tf
“We have build the Trade Finance business for over a decade in order to create 360tf. We will continue to embrace technology in order to get the best quality flows from across the globe for our banking partners.” Said Capt Sunil Saraf, Co-founder 360tf
“We have brought down the turn-around time by more than 50%. Our customers process more than 50 LCs a month and utilize our flat pricing structure. They have realized significant gains in terms of time, effort, cost-savings, and operational efficiency by using the 360tf platform.” said Vikram Lodha, CEO & Co-founder 360tf.
“From chasing multiple banks and relentlessly following up for a single quote to availing real-time quotes from multiple banks after initiating a transaction, 360tf has completely reimagined trade finance and provided organizations with unprecedented access to the most competitive rates directly improving their bottomline.” said Nisarg Dugad, Co-founder 360tf.
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