40Seas News
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How 40Seas solves cross-border payment issues
40Seas, a cross-border digital financing solution, recently raised $117 million, including a $100 million credit facility with ZIM. The company helps firms to order products and pay later, thereby aiding growth and reducing risk for sellers. The companys solution allows exporters to offer payment terms and workflow to foreign buyers without assuming any risk. The companys founder, Eyal Moldovan, believes this could help close a $5-$7 trillion financing gap in SME cross-border trade. The company is also well-positioned to help companies adapt to shifting supply chains.
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40Seas extends Seed round to $17 million for its cross-border digital financing solution | CTech
Digital financing solution 40Seas has secured an additional $6 million in Seed, bringing its total to $17 million. The round saw participation from new investors Eminence Ventures and QED Investors, as well as existing investors Team8 and ZIM. The funding will be used for the companys U.S. and Asian expansion. 40Seas also announced the expansion of its strategic partnership with ZIM, which has provided the company with a $100 million credit facility. The partnership will provide ZIM’s global customer base with an embedded and flexible digital financing solution to ease the burden of freight and inventory expenses.
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ZIM Expands Partnership with 40Seas to Offer Flexible Digital Financing Solutions to its Customer Base
ZIM Integrated Shipping Services Ltd has expanded its partnership with cross-border trade financing platform 40Seas. The collaboration will integrate 40Seas digital financing solution into ZIMs website and its digital freight forwarding subsidiary, Ship4wd. The service will be gradually rolled out in the US, Canada, UK, France, Germany, Italy, Belgium, Netherlands, and Australia. Customers will be able to defer payment for freight charges for up to 90 days from the invoice date and leverage 40Seas credit line to finance cargo. ZIM participated in 40Seas $11 million seed funding round and provided a credit facility of up to $100 million.
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40Seas, a New Fintech Platform Designed to Modernize Cross-Border Trade Financing, Secures Funding of $111 Million from ZIM and Team8
Fintech startup 40Seas has raised $111 million in funding to provide a more efficient and cost-effective financing framework for SMEs involved in global trade. The funding round, led by Team8 with participation from ZIM Integrated Shipping Services Ltd., comes as 40Seas emerges from stealth mode. The company aims to close the $1.7 trillion global trade finance gap by leveraging AI and data-driven technology to offer flexible payment options. 40Seas has already financed transactions for dozens of SMEs since its soft launch in October 2022 and is expected to finance tens of millions of dollars in the coming months. As part of their strategic cooperation, ZIM has extended a three-year, account receivables-based, senior secured, revolving credit facility of approximately $100 million to 40Seas.
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