Today LiquidX announced an unspecified strategic funding in which Citi became a new investor. Existing major investor Broadridge led the funding round. Liquid X provides working capital, trade finance and trade credit insurance solutions, some of which use blockchain.
“Our partnership with Citi, coupled with our expanded strategic relationship with Broadridge, positions us as a true fintech partner for all participants in the trade and working capital landscape, including banks, asset managers, corporates, and insurance providers,” said Jim Toffey, CEO of LiquidX.
One of the startup’s offerings is InBlock which helps turn invoices into digital assets using blockchain and other technologies. It also uses blockchain for workflows in its trade credit insurance offering. Its trade and supply chain finance solutions are connected to a network of more than 50 funders.
Last month the company announced two major deals. For Bank of China London Branch, it is providing a customized trade finance platform. And with U.S. Bank, it signed a supply chain finance deal.
Likewise, Citi will be using the LiquidX solution. “LiquidX will help our clients to improve working capital efficiency and provide them with seamless access to a range of other services offered by Citi to institutional clients,” said Sandeep Arora, Head of Digital and Chief Investment Officer for Citi’s Institutional Clients Group.
Meanwhile, this week saw the demise of we.trade, the major bank-backed trade finance platform which commenced an insolvency procedure in Ireland.