back Back

40Seas secures funding of $111m from ZIM and Team8

By Leandra Monteiro

January 11, 2023

  • 40Seas
  • Credit Score
  • Cross-Border Trade Financing
Share

40Seas 40Seas, a FinTech platform for cross-border trade financing, has raised $111 million to deliver a much more efficient and cost-effective financing framework for SMEs involved in global commerce.

The company’s $11 million seed funding round, led by Team8 with participation from ZIM Integrated Shipping Services Ltd, is complemented by a $100 million credit facility for exporters and importers.

The FinTech start-up, built in conjunction with Team8’s Fintech Foundry, has emerged from stealth mode with a view to closing the $1.7 trillion global trade finance gap, providing a solution that enables digital B2B payment functionality while facilitating cross-border trade between SMEs.

By leveraging AI and data-driven technology, 40Seas is able to offer flexible payment options that are primed to disrupt legacy trade-financing solutions and extend the accessibility of working capital for SME importers, exporters, freight forwarders and sourcing agencies. Since going live with a soft launch in October 2022, 40Seas has already financed transactions for dozens of SMEs and is slated to finance tens of millions of dollars in the coming months.

40Seas empowers exporters to get paid immediately upon shipment so they can get a head start on their next production cycle. For importers, the platform offers deferred payment options to help them free up working capital and grow their business without tying up available lines of credit. The solution can also be leveraged by freight forwarders and sourcing agencies to increase cross-border trade volumes, generate new revenue streams and digitize B2B payment processes.

Eyal Moldovan, 40Seas Co-founder and CEO, said, “As a kid working in my father’s warehouse, I recall watching him routinely struggle with suppliers and banks to get extended payment terms and financing for his import business. In the 25 years since, the trade financing landscape hasn’t evolved in any meaningful way or kept pace with the needs of SMEs operating in the digital era. Given today’s harsh macroeconomic conditions, now more than ever, SMEs need easy access to financing to have the best chance of survival. 40Seas wants to drive a sea change in how companies access finance, with a unique solution that makes life easier for importers and exporters, serving both directions of cross-border trade.”

Eli Glickman, President and CEO of ZIM, said, “With our significant investment in 40Seas, we continue to advance disruptive technologies to promote digital innovation in the shipping industry, while developing additional streams of revenue that complement our core shipping business. We are thrilled to partner with Team8, one of Israel’s leading and most innovative venture groups, on this ground-breaking initiative, which we will also soon offer to our customers worldwide, initially via our digital freight forwarder, Ship4wd. Importantly, with this strategic cooperation, 40Seas will be able to leverage ZIM’s in-depth knowledge of cross-border trade and our close relationship with the market and global SME customers to bring this advanced, much-needed digital financing solution to the market.”

Rakefet Russak-Aminoach, Managing Partner at Team8, said, “Amidst challenging economic conditions and a fractured global supply chain landscape, now more than ever, SMEs need more streamlined and flexible ways to access financing. Team8 is extremely proud to have partnered with the 40Seas founding team and we are thrilled to have supported their mission to simultaneously accommodate the financing and cash flow needs of importer and exporters. By participating in the investment round, ZIM, a multi-billion dollar industry heavyweight, has provided a major stamp of validation and confidence in the 40Seas solution.”

Previous Article

January 11, 2023

Tide hires ex-Meta Product Director Vinay Ramani as CPO

Read More
Next Article

January 11, 2023

Yellow Pay, the payment feature from Yellow Card, is now available across Africa

Read More








IBSi Daily News Analysis

cybersecurity

April 18, 2024

40Seas

GCC banks bolster Cybersecurity measures to combat email fraud

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

April 19, 2024

Cashflows partners with National Association of Funeral Directors

Read More

April 19, 2024

Ant International set to create digital business centre in Malaysia

Read More

April 19, 2024

Opn appoints Vaden Landers as President and CEO of MerchantE

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023