Lloyds Banking Group has invested €3 million in technology company Enigio to expand its use of digital documentation in trade.
The €3 million investment will allow Enigio “to expand its bespoke solution, trace:original, which removes the need to physically transfer paper documentation within trade transactions.”
Lloyds Banking Group led Enigio’s latest funding round, “with existing investors Stockhorn Capital and MOOR Holding also participating in the raise totaling ca. €6 million.”
The investment will enable Enigio “to continue to grow and provide businesses with a faster, more affordable and secure way to digitize physical original documents, for example, promissory notes, bills of exchange, and bills of lading.”
This is the latest strategic investment “made by the Group’s Fintech Investment team.”
This year has seen a continued focus by the team “on identifying and investing in businesses that can drive strategic growth for Lloyds Banking Group and also provide technology solutions for customers and clients.”
Since 2019, Enigio has been working to enhance “the digitalization of trade and other documents with its trace:original solution.”
Today, around 4 billion trade documents “are in transit around the world on any given day and less than 1% of those documents are digital.” Through this investment, Enigio will “aim to grow usage of their legally compliant, digital equivalent of an original paper document, trace:original, across the trade ecosystem.”
Kirsty Rutter, Director of Fintech Investment at Lloyds Banking Group said:
“Our belief in Enigio’s innovative technology and potential drives our commitment to help them become the standard solution in digital, authoritative, and original documentation for industries worldwide.”
Gwynne Master, Managing Director, Lending and Working Capital, Lloyds Bank said:
“Lloyds Bank has worked closely with Enigio for a number of years. We’re proud of what we have achieved together, from the UK’s first Digital Promissory Note, to our digitisation work to streamline trade processes for our clients.”
Torgny Gunnarsson, Enigio’s Chairman of the Board added:
“With Lloyds Banking Group’s investment in Enigio, we are welcoming a strategic investor who, alongside our existing major investors, Stockhorn Capital and MOOR Holding, will enable Enigio to accelerate the market penetration of trace:original, with the ambition to become the global technology of choice for digital original and freely transferable documents. We are very much looking forward to working closely with Lloyds Banking Group on our exciting journey ahead.”