Published: April 26, 2021
Trade fintechs Bolero and Mitigram have partnered to provide what the companies say is a significantly faster alternative to completing trade finance requests than using pen and paper, but traditional methods remain tough to shake for corporate treasurers.
Bolero, a trade finance digitisation company, and Mitigram, an online global platform for funding and hedging trade risk, have partnered to provide a platform that offers access to a range of digitised trade finance products from banks.
In particular, users will be able to request and compare quotes from multiple banks for pricing of trade finance and risk mitigation. Users can also opt into a subscription for services in other areas such as compliance, e-certificates of origin, reducing discrepancies, transforming financing, collaboration, pricing and reporting.
“The partnership with Mitigram significantly speeds up the process,” said Andrew Raymond, chief executive officer at Bolero. “We know that an application on paper can take two hours, our functionality should bring that down to 15 or 20 minutes.”