Singapore-based trade finance platform Olea has secured $30 million in a Series A funding round.
Spanish banking giant BBVA led the round, with equity also being provided by XDC Network, theDOCK, SC Ventures, and more.
Olea was formed in 2021 as a joint venture between Standard Chartered Bank and China-based tech firm Linklogis. The platform brings together firms that need supply chain financing with investors who inject capital into trade finance assets as an alternative asset class.
With its Capital Market Services licence (CMS) from the Monetary Authority of Singapore (MAS), Olea currently supports suppliers and buyers in over 70 trade corridors, is partnered with over 30 institutional funders, and claims to have delivered “more than $3 billion” in financing to its clients.
Olea says BBVA’s participation in the funding round accelerates its expansion “into new corridors across Europe, the US, Latin America, and Asia”.
In June, BBVA inked its first deal with Olea to extend its supply chain finance solutions to Asia, with the purpose of improving “access to credit for mid-sized suppliers outside their local markets”.
Meanwhile, SC Ventures and XDC Network’s participation in the Series A will support Olea as it explores trade avenues in digital assets and stablecoins.
Olea says it will use the new funds to invest in tech development in areas such as AI-driven analytics and Web3 readiness, with plans to “scale origination in high-growth markets, leveraging its global partnership ecosystem”.
Source: https://www.fintechfutures.com/