Tradeteq, a fintech that develops technology for bank asset distribution, has secured funding of an additional US$9.4 million from a consortium of US technology investors.

The new funding will be partly used to enable the company to distribute letters of credit (L/Cs) from one bank to another.

Speedier development

The additional funding brings the total raised since the company launched to more than US$16 million and will enable it to speed up its product development and geographical rollout.

The investment will also provide the company that provides banks, credit insurers and asset managers with the technology and services to streamline asset distribution with the resources and capabilities to service bank-to-bank channels.

L/C distribution

Tradeteq says this will involve the distribution of L/Cs from one bank to another.

The fintech says it will also use the additional investment to move into credit insurance distribution.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.