A UAE based trade finance platform, 360tf, has raised US$1.5m in new funds five months after going live. The portal connects banks and businesses to manage their letters of credit (L/Cs) financing needs.
“From chasing multiple banks and relentlessly following up for a single quote to availing real-time quotes from multiple banks after initiating a transaction, 360tf has completely reimagined trade finance,” said Nisarg Dugad, who founded the company along with Capt. Sunil Saraf, Pankaj Mundra and Vikram Lodha.
The promoters believe they can bring efficiency to a “largely offline, ad-hoc, and unstructured yet crucial piece of trade financing”. It also brings benefits such as non-recourse financing, low single-digit interest rates, and “market confidence to high-risk countries”.
