Aussie fintech startup Trade Ledger announced on Thursday it was named Barclays UK Ventures’ Open Innovation Challenge 2018, which was held in London. The ten finalists of the Challenge were selected by Barclays for their potential to offer “gaming-changing” business solutions across various industries. Speaking about Trade Ledger being named the winner of the Challenge, Ben Davey, CEO of Barclays UK Ventures, stated:
“Within Barclays UK Ventures, we’re looking for companies we can partner with to develop and deliver transformational products and services. 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 competition notably involved a face-to-face pitch by each of the ten finalists to Barclays’ technology leadership team. 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. Martin McCann, CEO and founder of Trade Ledger, also commented:
“We are delighted that Barclays has chosen the Trade Ledger business lending platform as the winner of this global challenge. 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.”
Establish in 2016, Trade Ledger is described as an open digital banking platform that gives banks the ability to assess business lending risk in real time.