Mitigram buys Export Enterprises to expand trade finance platform
The deal adds eexpand’s trade intelligence network, used by more than 50 financial institutions and 700,000 registered businesses, to Mitigram’s platform.
By Rafael Ortiz · Fintech Correspondent
· 2 min read
Mitigram has acquired Export Enterprises, adding a trade intelligence platform that serves more than 50 financial institutions and connects with a network of more than 700,000 registered businesses, according to Finextra. The companies did not disclose the financial terms of the transaction.
The deal brings Export Enterprises’ eexpand platform into Mitigram’s digital trade finance business. Export Enterprises was founded in 1989 and is headquartered in Paris, Finextra reported.
Eexpand is used by banks, corporates and trade organisations involved in cross-border commerce. Its financial institution users include Lloyds Bank, Santander, Bank of China and Royal Bank of Canada, according to Finextra.
Mitigram is acquiring eexpand’s core assets, including Trade Pilot, Trade Club Connect and the Trade Resources Platform. The acquisition is intended to connect trade intelligence, client engagement and financing capabilities in one platform, according to Finextra.
How the combined platform is intended to work
Trade finance sits between commercial demand and transaction execution. Companies seeking to sell into new markets often need information on counterparties, local conditions and routes to financing before they can complete an international transaction.
According to Finextra, eexpand helps banks create demand by connecting them with companies entering new markets and by providing verified counterparty intelligence. Mitigram’s role is to add a transactional layer, enabling that demand to move into completed trade finance transactions.
The companies’ combined capabilities are designed to link market discovery with financing and execution. For businesses, the proposition is to move from identifying an international opportunity to obtaining financial support and completing a transaction. For banks, the platform is intended to support customers from early market assessment through the transaction stage, Finextra reported.
The transaction reflects continued investment in digital infrastructure for trade finance, an area where banks and corporates use technology to reduce manual processes and improve access to information. The acquired assets broaden Mitigram’s position beyond transaction processing into earlier stages of international trade development.
Mitigram cites continuity for customers
Joshua Kroeker, chief executive of Mitigram, said eexpand had developed a strong position in helping banks and businesses identify growth opportunities, assess markets and connect with appropriate counterparties.
Kroeker said Mitigram would bring the eexpand team’s technology and expertise into its own platform. He also said the company’s immediate priority was continuity for customers and partners while the acquired capabilities are integrated into Mitigram’s broader plan for a more connected trade ecosystem.
No timetable for integration was disclosed in the report. The companies also did not provide revenue, valuation or employee figures for Export Enterprises or eexpand.
This story draws on original reporting from Finextra Research.
