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Less than four months after Contour announced that it was ceasing operations, the digital trade finance platform was given new life after it was acquired by Singapore-based fintech firm Xalts in a deal announced 20 February 2024.
Xalts, which helps clients with construction of multi-party applications for digitization and tokenization, has indicated it intends to leverage Contour ’s solutions to accelerate digitization in the trade and supply chain finance space.
“Our vision is to expand the scope of Contour ’s network which is trusted by banks and corporates, and build it into a rail that enables businesses to access digital solutions for trade and supply chain finance offered by banks, fintechs and technology partners”, said Ashutosh Goel, Chief Executive Officer of Xalts, in a released statement. “Combining our platform with Contour ’s Network will allow participants to develop and deploy customized solutions quickly.”
According to published reports, Carl Wegner, who was Chief Executive Officer of Contour, is expected to take a senior leadership role at Xalts.
Citi Ventures, which invests in innovative startups and provided investment backing to both Contour and Xalts, is optimistic of the two operations joining forces. “The combination of these two companies into one firm with an expanded vision and a great leadership team will accelerate innovation in global trade finance”, said Citi Ventures Director Everett Leonidas.