40Seas, an innovative fintech platform for cross-border trade financing, has raised $111 million to deliver a much more efficient and cost-effective financing framework for SMEs involved in global commerce. The company's $11 million seed funding round, led by Team8 with participation from ZIM, is complemented by a $100 million credit facility for exporters and importers, says a release from ZIM. "The fintech startup, built in conjunction with Team8's Fintech Foundry, has emerged from stealth mode with a view to closing the $1.7 trillion global trade finance gap, providing a solution that enables digital B2B payment functionality while facilitating cross-border trade between SMEs.
