Milena Torciano, CEO, MitigramMilena Torciano, CEO, Mitigram

Swedish fintech Mitigram secures SEK 100 million funding led by Sampo Group

Stockholm, 28 June 2019 - 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 round 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.

For more information, please contact:
Milena Torciano, CEO, Mitigram
E-mail: milena.torciano@mitigram.com
Mobile: +46 70 720 57 99

Carsten Carlsson, Hill+Knowlton Strategies
E-mail: carsten.carlsson@hkstrategies.com
Mobile: +46 70 893 50 22

About Mitigram

Mitigram is a privately held company founded in 2014 and headquartered in Stockholm, Sweden. Our vision is to digitize bank relationship management and transform the way corporations and financial institutions do banking. For more information on Mitigram, visit mitigram.com and follow us on LinkedIn.

Featured article in Dagens Industri (in Swedish):
https://digital.di.se/artikel/guldregn-over-mitigram-nordeas-storagare-oser-in-miljoner

Featured article on Breakit (in Swedish):
https://www.breakit.se/artikel/20824/sampo-pumpar-in-miljoner-i-fintechbolaget-mitigram


22bn+ flows

Mitigram launches interbank capabilities

Mitigram, a fintech based in Stockholm, is launching a new Bank-to-Bank module to improve workflow, analytics, governance, audit and turn-around-time for correspondent banking needs between financial institutions.

The module enables banks to use Mitigram to request confirmation, financing and reissuance needs to their correspondent banks and non-bank FI counterparts. A number of tier one banks are spearheading adoption.

The platform delivers benefits to bank users; principle amongst these are:

  • Speeding up the workflow to enable multiple banks to be contacted for any trade finance requirement
  • Releasing the bank from its reliance on email
  • Removing inefficiencies and risks associated with conversations and pricing information being primarily stored in email folders
  • Centralising control of contact details at correspondent banks - no more hard-to-find excel sheets in personal drives
  • Allowing access to communications relating to historical transactions
  • Assuring data availability survives the individual at the organisation
  • Delivering analytics on historical pricing, and relationship activity

“Using Mitigram’s centralised service to communicate with correspondent banks will ensure information becomes much more accessible. Our Corporate-to-Bank experience has demonstrated that moving the RFQ process onto a platform creates efficiencies in many different areas, ranging from turn-around-time, audit trail, data analytics and compliance. Looking at the interest our Bank-to-Bank module has received, it is obvious that banks share our view. The module was born from enquiries received from tier one banks, who independent of each other saw Mitigram as the perfect build partner” says Mitigram CEO, Milena Torciano.

Torciano cites Mitigram’s web-based application, together with an integrated email solution as reasons why banks sign up; “the fact that there is no IT integration, and that Mitigram supports communication with any bank in the world - on or off the platform, are reasons why banks have been so quick to adopt.”

About Mitigram

Mitigram is the premier global online platform for funding and hedging the risk of trade. Adopted by multinational corporations, leading commodity traders and many of the world’s largest banks, Mitigram offers a collaborative, efficient and cost effective way for corporations to securely interact with their financial institutions in the negotiation of trade finance, bonding & guarantees and risk mitigation. Mitigram also allows banks to collaborate with each other and with non-bank financial institutions in the exchange of information to allow for trade finance needs to be effectively communicated and redistributed. The platform provides access to an extended network of counterparties, supports comprehensive automated quotation workflows and provides all parties with a better understanding of market pricing.

Launched in 2015, Mitigram has facilitated over $22 billion of trade finance in 100+ countries, covering the risks of over 500 issuing banks in both developed and emerging markets.


Mitigram closes SEK 50M (USD 5.8M) funding round with Swedish Investors

Mitigram, the Stockholm-based fintech specialized in Trade Finance, is closing a SEK 50M (USD 5.8M) Series-A funding round with Swedish investors Johan Andersson (CEO of family-owned investment company Mellby Gård) and Fort Knox. Mitigram already has backing from serial entrepreneur and investor Kaj Hed (founder and significant owner of Rovio Entertainment, Angry Birds) via the venture capital fund, Moor Capital. Moor is also participating in this Series-A round.

Launched in 2015 and with over USD12bn trades facilitated to-date, Mitigram is the fastest growing platform for the global industry of trade finance, with users such as Exporters, Traders and Banks funding, hedging and distributing risks of international trade transactions. Mitigram has a number of Multi-National Corporations, global and regional banks as users, and was awarded Best Fintech Disruptor in Trade 2016 by Global Trade Review.

The funding will be used to scale operations in Europe and Asia; advance the platform’s core technology; drive the development of its digital capabilities, analytics and visualizations; and further integrate networking features to deliver on our mission of connecting counterparties in global trade.

Speaking of the funding round, Milena Torciano (Mitigram CEO) commented “This is excellent news and an indication of the level of confidence our investors have in Mitigram. Our business is growing in volumes and across geographies, our team is expanding and the backing of strong, knowledgeable and long-term investors like Moor, Mellby Gård and Fort Knox will support us in meeting our goals.”

Watch the video:
https://www.mitigram.com/#video

Featured article in Dagens Industri (in Swedish):
https://digital.di.se/artikel/guldregn-over-finansplattformen-mitigram-vill-bli-global-standard

Featured article on Breakit (in Swedish):
https://www.breakit.se/artikel/13362/hon-hjalper-internationella-storbolag-att-handla-med-varandra-far-in-50-miljoner


Kerstin Cooley and Kaj Hed from MOORKerstin Cooley and Kaj Hed from MOOR

A chat with Moor

We have interviewed Kerstin Cooley and Kaj Hed from MOOR, one of Mitigram’s main investors, so that they can tell you a little bit about themselves and why they are supporting Mitigram. MOOR is a private investment company funded by serial entrepreneur Kaj Hed - former majority owner of Rovio, the creators of Angry Birds. MOOR was co-founded by, and is managed by Kerstin Cooley.

Hello, Kaj and Kerstin, could you tell us a bit about yourselves? How are you connected to fintech?
Kaj founded Trema, and over a decade, built it into an international leader in the treasury management system market. The product was used by treasury functions at global Fortune 500 companies, and adopted by numerous central banks. Trema was eventually acquired by Wall Street systems. Kerstin was also part of the Trema journey, working with strategic client implementations in multiple geographies. Later on, Kerstin worked with Hedge Funds and other structured products at SEB. Now, at MOOR, we both meet lots of exciting startup opportunities in the fintech space, and invest in a few select opportunities such as Mitigram.

What do you think are the main challenges faced by the corporate banking industry?
Digital disruption has the potential to deeply reposition the role of today’s banks, and we believe that those that embrace this disruption and embark on a digitization journey will have the potential to offer better, faster, cheaper services, making them an even more essential part of everyday life for their customers. If the existing banking players are to benefit from growth driven by new services and productivity, Openness, Collaboration and Investment are critical themes they need to address. Many banks only have a fragmented or opportunistic strategy for dealing with digital innovation. Certainly, legacy technology and the difficulty of deploying new technology fast and current skills and culture present a challenge. Most banks are minimally equipped for the digital age.

Do you see a need for a corporate banking marketplace? What would it look like?
We are strong believers in the transformative power of cloud/SAAS based delivery models where the focus is on delivering high quality user experience as well as rapid feature evolution and delivery. From the corporate banking perspective, we believe that a lot of value can be added by simplifying and speeding up the process of finding counter parties, price discovery, and transaction completion. Furthermore, we feel there is a big opportunity to increase transparency in the market, to the benefit of all parties, by providing all actors with structured, real-time market data. Today this is not available, due to the fact that transaction level data is currently isolated and stored locally in an unstructured manner in emails or excel sheets, making it impossible to aggregate market-level data.

Why do you believe in Mitigram?
As committed, early stage investors, we have a strong focus on the team quality. We are convinced about the Mitigram team’s ability to execute on their mission to build a company that adds digital value to existing corporate banking flows, such as in trade finance. An important team factor here is the ability to navigate and adapt to the needs of the market, as well as innovating and creating features that lead the market forward. At MOOR, we like teams focused on solving the needs of deep, global markets in specialised spaces, where there is an opportunity to build long term success stories.

If you had one piece of advice to give Mitigram, which one would it be?
Always to keep the spirit of thought leadership, and the vision that originally inspired the founders to embark on their journey to build the Mitigram offering.

Let's get connected

Whether you are a corporation, a commodity trader or a financial institution providing solutions in global trade, we would love to hear from you.