GTR Ventures announces investments in startups Lucidity, iLoan, RM-Tech
These three investments, representing an expanded pivot towards markets in China and South Asia, were announced on at Singapore Fintech Festival
GTR Ventures, an investment and venture-building platform specialised in trade and supply chain, has announced investments in three startups — Lucidity, iLoan and RM-Tech.
These three investments, representing an expanded pivot towards markets in China and South Asia, were announced on the first day of the Singapore Fintech Festival.
The investment details were not disclosed.
Based in Malaysia, Lucidity is a trade finance documentation solutions provider that employs automation and Machine Learning to improve efficiencies in manual paperwork such as letters of credit, allowing exporters to get paid faster and improve their productivity. The startup also enables automation in trade finance compliance checks for banks, helping them to reduce operational costs as well as lower their risks against the global backdrop of increasing compliance oversight.
Lucidity is backed by PSA unboXed, the corporate venture capital arm of Singapore’s global port operator PSA International.
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iLoan provides blockchain solutions for loans to SMEs, wholesalers and distributors. Its technology allows lenders to reduce invoice fraud, lower processing costs and have efficient traceability of each transaction. iLoan is a part of John Keells X, which is a startup accelerator designed to support early stage startups, initiated by John Keells Group, Sri Lanka’s largest business conglomerate.
RM-Tech is a fintech solution provider to banks, corporates, and business-to-business (B2B) portals. Its product suite allows for multi-channel payments and connectivity to banks for clearing and settlement services. Connected to seven banks in China, it has over 300 Chinese customers and processes over RMB100 million of transactions each month. RM-Tech is working with GTR Ventures to offer cost-efficient cross-border B2B payment services from its existing network of banks and Chinese exporters.
Kelvin Tan, CIO of GTR Ventures, said: “These latest additions to our investment portfolio correspond with our vision to create a compelling network effect of digital fintech solutions in the world of trade and supply chain that can comprehensively cater to banks, non-banks and SMEs. Be it geographical reach, loan products, operational efficiency, settlements or asset distribution, we are on track to tackling different parts of the transactional value chain with a view to deepening financial inclusion for exporters and SMEs globally.”
Based out of London, Singapore, and Hong Kong, GTR Ventures mobilises private capital for trade and trade finance, investing in and supporting the development of trade-focused fintech companies (tradetechs) while working with multiple stakeholders to integrate technology into trade. GTR Ventures focuses on four main areas — transaction banking (trade finance, treasury & cash), trade insurance & risk management, SME finance & supply chain, and physical trade.
In March this year, GTR Ventures announced its debut investments in five trade fintech companies, of which four are from Singapore.
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