Today TradeIX revealed plans to hire 70 new staff at its Dublin, Ireland headquarters. The startup is the technology partner for the Corda-based Marco Polo trade finance network. In June last year, the company raised a $16 million Series A round led by ING Ventures and including BNP Paribas, Tech Mahindra and Kistefos.
The company is supported by IDA Ireland the inward investment promotion agency. Paschal Donohoe, Ireland’s Minister of Finance, made the announcement when he met with the TradeIX team in London. “TradeIX is an award-winning, fast-growing technology platform provider and as such is a welcome addition to Ireland’s growing FinTech community,” said Donohoe. “This location decision underscores the attractiveness of Ireland for investment in highly-skilled, knowledge intensive areas of activity.”
The new jobs are across engineering, sales, customer service, and product development. The company is incorporated in Ireland and has offices in London, Kettering in Northern England and Singapore with operations in Germany and the US.
TradeIX Founder and CEO, Robert Barnes added, “TradeIX established its Global Headquarters in Dublin with over 35% of its workforce based in the Irish capital.”
“We are building the world’s first distributed trade finance platform powered by Corda blockchain technology, and the Irish operation plays a pivotal role in developing and scaling the company’s solutions.”
While the Marco Polo network is not yet live, TradeIX has multiple deployments of its TIX platform. In one case the primary client is DHL with Standard Chartered and AIG providing services. Standard Chartered also ran a pilot for a bank guarantee solution for Siemens’ clients.
The Marco Polo network targets large corporates and offers integration into their ERP systems. Current network members include ING, Commerzbank, BNP Paribas, Anglo-Gulf Trade Bank, NatWest, Natixis, Bangkok Bank, Standard Chartered Bank, OP Group, SMBC, DNB, Danske Bank, LBBW and Russia’s Alfa-Bank.