40Seas, a Tel Aviv, Israel-based provider of a fintech platform for cross-border trade financing, raised $111M in funding.
A $11M seed funding round, led by Team8 with participation from ZIM Integrated Shipping Services Ltd. (NYSE: ZIM), which has extended a three-year, account receivables based, senior secured, revolving credit facility of approximately $100M, with an option to extend it to $200M.
The company intends to use the funds to expand operations and its business reach.
Led by CEO Eyal Moldovan, 40Seas is a fintech platform for cross-border trade financing that is tailored to SMEs engaged in global commerce. By leveraging data-driven technology, the company is able to offer flexible payment options and make it faster, cheaper and easier for supply chain players – importers, exporters, freight forwarders and sourcing agencies – to access working capital.
Since going live with a soft launch in October 2022, 40Seas has already financed transactions for dozens of SMEs and is slated to finance tens of millions of dollars in the coming months.
ZIM will embed 40Seas into the freight forwarding services offered by Ship4wd, its digital freight forwarding subsidiary, targeting the SME market. Through this integration, SME customers will benefit from a digital financing solution designed to reduce operational and administrative overheads, and ease the burden of freight and inventory expenses.
Headquartered in Tel Aviv, with offices in New York City, Toronto and Shenzhen, 40Seas was founded by industry experts with more than 60 years of combined experience in cross-border payments, logistics, and trade financing. Eyal Moldovan, Co-founder and CEO, was formerly the General Manager at Payoneer. Gil Shiff, Co-founder and COO, co-founded ConvertMedia (later acquired by Taboola). Suki Gao, Co-founder and GM of 40Seas China, spent a number of years at PayPal, Payoneer, and Ant Group. Igor Zaks, Co-founder and Chief Risk Officer, formerly served as an executive at Dell, Citibank, Daiwa, and Commerzbank.
FinSMEs
11/01/2022