Mitigram has secured SEK 100 million in funding with lead investor Sampo plc, through its wholly owned subsidiary Mandatum Life, twelve months after its Series A funding round. Sampo plc is a listed, long-term owner of financial services assets, covering both traditional banks and insurance companies – the Group owns 21 per cent of Nordea – as well as technology platforms through its investments in Nordax and Saxo Bank.
The previous funding roundnpm run build was backed by Kaj Hed (founder and significant owner of Rovio Entertainment) via the venture capital fund Moor&Moor AB; Swedish investors Johan Andersson (CEO of Mellby Gård) and Fort Knox (a family office) have also invested. All three investors are participating in the new round.
So far Mitigram has facilitated $27 billion of trade finance risks from over 100 countries, covering more than 1,000 local issuing banks in both developed and emerging markets.
Milena Torciano, CEO, Mitigram commented: “We are very excited to have Sampo Group as a long-term investor and experienced partner in Mitigram. With the Group’s funding and expertise, we have a sound product development roadmap which will benefit our bank and corporate customers”.
“Our goal is a simple one: to further the depth and reach of the Mitigram marketplace by delivering more product features and capabilities to increase automation and liquidity in the trade finance space.”
Mitigram is the market network for exporters, traders and financial Institutions to access funding and risk coverage arising from cross-border trade activities. The company’s clients are multinational corporations, leading commodity traders and many of the world’s largest banks. These include Ericsson, Maire Tecnimont, Nokia, Olam and Wärtsilä; and the banking institutions Commerzbank, Standard Chartered Bank and Natixis.
Mitigram enables banks to collaborate with each other and with non-bank financial institutions in the exchange of information to allow effective communication and redistribution of trade finance needs. The platform provides access to an extended network of counterparties, supports enhanced compliance processes through its comprehensive automated quotation workflows, and provides all parties with a better understanding of market pricing and capacity.