Fishtail Raises $4.5 Million Seed Round Funding for Data-Driven Trade Finance Technology
NEW YORK, March 22, 2022 /PRNewswire/ -- Fishtail announced today it has raised $4.5m in seed funding, led by Thursday Ventures, with participation from leading data, fintech, and supply chain investors Rackhouse Ventures, Amara Ventures, and project44 CEO Jett McCandless and Chief Growth Officer, Jason Duboe.
"Trade finance has been an underinvested asset class for far too long," says Fishtail CEO, Marc Held. "Fishtail's novel trade technology unlocks top-line growth opportunities for both suppliers and freight forwarders."
Complexity behind global supply chains has made it incredibly challenging for financial institutions to fund purchase orders and invoices, internationally, for SMBs on a meaningful scale.
Unsurprisingly, this is a major driver behind the 1.7 trillion USD per year trade finance gap, which is being increasingly widened by the COVID-19 pandemic and the supply chain disruptions caused by it.
Today, Fishtail's data-driven, scalable solution allows for freight forwarders to provide financing to their customers within minutes – either by arranging extended payment terms through the financing of freight, or by financing the goods themselves that these logistics companies are transporting.
"All across the world in both developed and developing countries, SMBs are heavily underserved and neglected by large financial institutions," adds Ryan McKillen – Uber employee #3, recovering CPA, and Partner at Thursday Ventures – "Fishtail is primed to provide flexible capital to the businesses that need it most."
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