(MENAFN- The Peninsula) The Peninsula
Doha: 360tf, a digital trade finance platform that connects banks and corporates from across the globe and enables them to seamlessly manage their LC financing requirements, has raised $1.5m within five months of going live.
The round was led by industry scholars and professionals associated with the founders across six countries.
360tf is the culmination of Nimai's decade-long Trade Finance advisory experience and years of ideation on the technology side headquartered out of Singapore with a physical presence in Dubai, India, Bangladesh, and Qatar. 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 million+ and a user base of 110+ corporates from seven countries with an annual turnover of $10bn.
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 tokenisation 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.
To serve its clients better in Qatar, Minakshi Miglani has joined 360TF as the Senior VP & Head Coverage for Qatar and Oman. Miglani has been leading Qatar business from the last five years as Director of Nimai Management Consultants (a QFC registered company) and leading the operations in Qatar. She brings in experience of the corporate finance and advising clients on financial solutions for raising new debt capital or reducing the borrowing costs.
“We have got fantastic response from both SME and large corporate clients across the globe, and we are adding almost one client per day. We are aiming to onboard 1,000 clients before the end of the 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 of 360tf.
“We have brought down the turn-around time by more than 50 percent. Our customers process more than 50 LCs a month and utilise our flat pricing structure. They have realised significant gains in terms of time, effort, cost-savings, and operational efficiency by using the 360tf platform,” added Vikram Lodha, CEO & Co-founder at 360tf.
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