Today, blockchain trade finance firm we.trade announced that it will integrate with the Italian CRIF Skyminder services, and CRIF will become a shareholder alongside existing investors IBM and twelve banks.
CRIF provides credit and financial information on more than 230 million companies worldwide and is one of the leading providers of bank credit information in Europe. This is the original target region of we.trade. In 2019, CRIF achieved sales of € 557 million (USD 674 million). The company is privately owned and has a 10% stake in outside parties, including three banks, BNL-BNP Paribas, Deutsche Bank and Banco BPM SPA.
“CRIF’s market leading business intelligence and assessment services complement us perfectly. The vision of trade to make it easier for buyers and sellers to trade goods and services, ”said Omer Ahsan, Chairman of we.trade.
The we.trade offer is available to companies of all sizes, but was originally aimed at small and medium-sized companies in Europe. First and foremost, the main business model is invoice financing and the payment of bank payments, but in some countries it also offers automated billing.
We.trade had planned to raise more funds last year, but COVID-19 caused disruption. IBM, the company’s original technology partner, invested in May 2020. At that time there was considerable uncertainty due to the pandemic, which meant that other planned investments were delayed and we.trade laid off some employees by June.
On the other hand, the ongoing pandemic offers we.trade an enormous opportunity, especially since the companies only have low integration requirements in order to adopt the solution.