#OpenBanking #LendTech / UK fintechs Token and Tradeteq get investment

Open banking payments platform Token and trade finance tech specialist Tradeteq have landed $15 million and $9.4 million, respectively.

[Token:] “The capital enables Token to continue driving the shift from traditional payment methods to account-to-account payments by providing the fastest and simplest path to adoption for large merchants, PSPs and banking-as-a-service platforms.”

Its use cases include funding an account, paying-off a credit card, paying a utility bill and other one-off payments, accounting package integration, credit risk analysis and cash flow management.

Tradeteq, an electronic trading platform targeting the $15 trillion trade finance market, has raised $9.4 million. “Tradeteq is designed around the needs of originators and institutional investors”, it states on its website. “No more manual, error-prone processes, no more spreadsheets, no more cumbersome data aggregation.”

Tradeteq’s platform underpins the Trade Finance Distribution (TFD) Initiative, launched in 2019 to use technology and standardisation for the wider distribution of trade finance assets. The initiative is backed by 14 banks from across the globe, including ANZ, CrĂ©dit Agricole CIB, Deutsche Bank, HSBC, ING, Lloyds Bank, Rabobank, Standard Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.