Fintech Platform Xalts to Build "Plaid for Trade" as It Acquires Contour Network from a Consortium of Global Banks

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Contour Network connects global banks to global businesses. Xalts will launch an application ecosystem for embedded trade finance solutions on top of Contour's rails.

Metadata

Provider:

Newsfile

Retrieved on:

Tuesday, February 20, 2024

Information

Tags:

Acquisition, Citibank, Contour, Silicon, Communication, Accel, Meta, Citigroup, HSBC, Cryptocurrency

Geotags:

SINGAPORE, UK, UAE, INDIA

Organisation:

PLENTISOFT

Summary

Key Points:

Contour started in 2017 as a pilot by eight global banks with a focus to digitize trade.
Currently, over 22 banks and 100+ global businesses use Contour for digital trade finance solutions.
These will enable banks, logistics companies and technology companies to offer integrated solutions to businesses, using a single platform.
Many global and regional banks have been making a push for deeper integrations with their clients and global platforms.

Singapore, Singapore--(Newsfile Corp. - February 20, 2024) - Accel and Citi Ventures-backed fintech Xalts, which is used by financial institutions and businesses to build and manage digital finance applications, has today announced its acquisition of Contour Network, owned by a consortium of global banks, to accelerate digitisation in trade and supply chain finance.

Contour started in 2017 as a pilot by eight global banks with a focus to digitize trade. Currently, over 22 banks and 100+ global businesses use Contour for digital trade finance solutions.

Xalts, which is used by institutions to build multi-party applications for digitisation and tokenization, plans to leverage Contour's industry standard workflows and integrations to facilitate communication and transactions between businesses and financial institutions in the network.

Xalts founders (L to R) Supreet Kaur and Ashutosh Goel

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As global trade goes from strength to strength and traditional supply chains reorganize, Xalts is taking inspiration from Silicon Valley startups to accelerate digitisation in trade & supply chain finance. Ashutosh Goel, CEO of Xalts commented: "We want to create a Plaid for Trade. 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. Combining our platform with Contour's Network will allow participants to develop and deploy customized solutions quickly."

The initial focus for Xalts will be on embedded solutions for trade and supply chain finance. These will enable banks, logistics companies and technology companies to offer integrated solutions to businesses, using a single platform.

Many global and regional banks have been making a push for deeper integrations with their clients and global platforms. "Our platform also enables institutions to build new innovative applications and products by leveraging blockchain and tokenization. We partner with leading blockchains and integrate with multiple infrastructure providers to help our clients build tokenization applications," said Supreet Kaur, COO of Xalts. "Contour will also enable network members to work with us to launch applications in this space."

Xalts was founded in 2022 by Ashutosh Goel and Supreet Kaur, former senior executives at HSBC and Meta. Currently with a team of over 50 across offices in Singapore, Hong Kong, India, UAE and UK, Xalts counts large financial institutions, regulatory bodies and technology companies as its clients.

Abhinav Chaturvedi, Partner, Accel added: "Accel has backed innovative companies globally in this space. Xalts has demonstrated that they have the right vision and a team that can execute at a global scale very quickly."

"Citi has long been a leader in driving innovation in financial services. We invested in Contour in 2020 and led the seed round for Xalts in 2022. 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 Everett Leonidas, Director, Citi Ventures.

About the company: Xalts was founded in 2022 by former HSBC and Meta executives, Ashutosh Goel and Supreet Kaur, and are backed by Accel and Citi Ventures. The company has offices in Singapore, Hong Kong, India, UAE and UK. To learn more about Xalts, visit https://xalts.io/.

Contact Info:
Name: Bilal Mahmood
Email: [email protected]
Organization: Xalts
Website: https://www.xalts.io/

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/198516