Lloyds invests €3m in Enigio to accelerate document digitisation

By Gloria Methri

Lloyds Banking Group has invested €3 million in technology company Enigio to expand its use of digital documentation in trade.

The investment will allow Enigio to expand its bespoke solution, trace:original, which removes the need to physically transfer paper documentation within trade transactions.

Lloyds Banking Group led Enigio’s latest funding round, with existing investors Stockhorn Capital and MOOR Holding also participating in the raise totaling €6 million.

The investment will enable Enigio to grow and provide businesses with a faster, more affordable, and secure way to digitize physical original documents, for example, promissory notes, bills of exchange, and bills of lading. This is the latest strategic investment made by Lloyds Group’s FinTech Investment team.

Since 2019, Enigio has been working to revolutionise the digitalisation of trade and other documents with its trace:original solution. Through this investment, Enigio will aim to grow the usage of its legally compliant, digital equivalent of an original paper document across the trade ecosystem.

Kirsty Rutter, Director of Fintech Investment at Lloyds Banking Group said, “I am excited to announce our investment in Enigio – the latest of many that continue our strategic growth and ambition in the FinTech sector. Our belief in Enigio’s innovative technology and potential drives our commitment to help them become the standard solution in digital, authoritative, and original documentation for industries worldwide.”

Gwynne Master, Managing Director, Lending and Working Capital, Lloyds Bank said, “Lloyds Bank has worked closely with Enigio for a number of years. This investment in Enigio is the latest significant milestone in our partnership. As we head into an exciting time for the trade industry, with the UK Electronic Trade Documents Act around the corner, we look forward to being at the forefront of future innovation with Enigio and helping businesses unlock the benefits of digital trade.”

Patrik Zekkar, CEO of Enigio, said, “I am very pleased to strengthen the partnership with a key industry player like Lloyds Banking Group. This will further strengthen Enigio’s capabilities and capacity to deliver a market-leading solution for electronic trade documents more broadly, in a time of transition of trade driven by cross-market demand and supported by regulatory changes. We look forward to delivering on the massive opportunity in efficiency, sustainability, accessibility, and much more for, and in collaboration with, the industry by digitising trade.”