Aussie trade financing startup, Trade Ledger, has wiped the floor with the competition at Barclays UK Ventures Open Innovation Challenge in London this week beating out nine other VC backed companies to take out the top honour.
The ten hand-picked finalists were chosen by Barclays due to their potential to offer game-changing business solutions across a variety of industries.
“Within Barclays UK Ventures, we’re looking for companies we can partner with to develop and deliver transformational products and services,” said Ben Davey, CEO of Barclays UK Ventures.
“We chose Trade Ledger as they have re-imagined the lending process by improving the processes through automation and opening up lending opportunities to a larger client base, which fully aligns to our Shared Growth ambition.”
The ten finalists each delivered a face to face pitch to Barclays’ technology leadership team. The event served as a means for Barclays to gain access to some of the most advanced technologies being developed from across the globe.
“These events are a great way for us to uncover solutions that will materially improve our business and the solutions we offer to customers and clients,” said Sean Duffy, Managing Director of Technology Media and Telecoms in Barclays Corporate Banking Division.
“This is the first time we’ve hosted this event in the UK, which is a testament to the growing strength and depth of VC-backed companies in our home market.”
Other finalists hailed from high-tech industries such as AI security, recruitment CRM and marketing automation, process mining software, application performance management, IoT, chatbots, and robotic process automation platform creation.
Gaining international exposure through competitions such as this one is an important aspect of Trade Ledger’s “born global” strategy, designed to tackle the £1.2 trillion under-supply of business credit globally.
“We are delighted that Barclays has chosen the Trade Ledger business lending platform as the winner of this global challenge,” Martin McCann, CEO and founder of Trade Ledger.
“It was an incredible opportunity to be able to present our tech and strategy for helping banks address the massive under-supply of business credit, to such a large and diverse group of the bank’s technology leaders.
“We believe the platform will help Barclays accelerate their transformation into data-driven lending, and that our selection proves the unique value of the Trade Ledger platform to support the bank’s innovation and growth ambitions.”