Bolero, the electronic platform and rulebook on which online letter of credit (L/C) transactions can take place, has announced that eight major and regional banks are now live with the company's multi-bank programme.

Bolero has also announced the closure of an internal funding round that it says will be used as capital to expand its technology development facilities.

Live banks

Credit Suisse, ING Wholesale Banking, Dresdner Bank, Zürcher Kantonalbank, HypoVereinsbank, Fortis Bank and HSH Nordbank are all now live with the multi-bank programme, according to Bolero.

It says these banks have implemented the programme initially to support Swiss-based physical commodities marketing giant, Glencore.

More takers

Bolero adds that more banks, including ABN AMRO and KBC Bank, have signed up for the multi-bank programme and are currently implementing it with key corporate clients.

The company claims the uptake of the programme by some of the world's biggest banks demonstrates increasing demand for the technology, which it claims has helped Bolero secure a significant cash injection.

Funding round

Bolero says it obtained the new funding due to the recent completion of an internal funding round led by Apax Partners and Baring Private Equity Asia.

The company has not disclosed how much was raised in the funding, but says the cash will allow it to pursue its multi-bank programme and expand its technology development facilities.

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