40Seas, a Tel Aviv, Israel-based provider of a fintech platform for cross-border trade financing, raised an additional $6m USD in seed funding.
This round extended its initial $11m seed announced in January of this year to $17m. New investors Eminence Ventures and QED Investors participated in the extended round – which also included participation from existing investors Team8 and ZIM.
This round extension will provide the company with financial resources to execute its growth strategy in 2023 and beyond.
Led by CEO Eyal Moldovan, 40Seas is a fintech platform for cross-border trade financing focused on SMEs engaged in global commerce. By leveraging data-driven technology, the company is able to offer flexible payment options for supply chain players – importers, exporters, freight forwarders and sourcing agencies – to access working capital.
Available as an API or stand-alone platform, the solution enables ecosystem players to bridge the working capital gap between exporters who require advance payment and importers who wish to pay for goods only after they’ve been sold. 40Seas can be embedded into check out portals, facilitating access to finance at the most convenient point of the customer journey.
Its AI-powered underwriting capabilities extract actionable insights relating to both importers and exporters, which can be used to provide holistic and tailored financing solutions.
The company also expanded its partnership with global container liner shipping company ZIM, providing ZIM’s global customer base an embedded and flexible digital financing solution to ease the burden of freight and inventory expenses at checkout, including through its digital freight forwarding subsidiary Ship4wd. Following a phased rollout across the US, Canada and the UK, ZIM recently announced that it will be offering the 40Seas solution to its customers in France, Germany, Spain, Italy, Belgium, the Netherlands and Australia.
FinSMEs
09/08/2023