FinTech platform Xalts has acquired Contour Network from a consortium of global banks.
The move is aimed at accelerating digitization in trade and supply chain finance, combining Xalts’ expertise in digital finance applications with Contour’s established network connecting global banks to businesses, Xalts said in a Tuesday (Feb. 20) press release.
Contour Network, which was launched in 2017 by eight global banks, has since grown to include more than 22 banks and 100 global businesses using its digital trade finance solutions, according to the release.
Xalts plans to leverage Contour’s industry standard workflows and integrations to facilitate communication and transactions between businesses and financial institutions in the network, the release said.
The founders of Xalts, Ashutosh Goel and Supreet Kaur, aim to create a “Plaid for Trade,” expanding the scope of Contour’s network to enable businesses to access digital solutions for trade and supply chain finance offered by banks, FinTechs and technology partners, per the release.
The goal is to provide a platform for participants to develop and deploy customized solutions quickly and efficiently, according to the release. With a focus on embedded solutions for trade and supply chain finance, Xalts plans to empower banks, logistics companies and technology firms to offer integrated solutions to businesses through a single platform.
Furthermore, Xalts is committed to innovation in blockchain and tokenization, allowing institutions to build new applications and products leveraging these technologies, the release said. The company partners with leading blockchains and infrastructure providers to help clients develop tokenization applications.
Accel and Citi Ventures have backed Xalts, recognizing the company’s potential for global scale and rapid execution, per the release. Xalts continues to expand its presence across its offices in Singapore, Hong Kong, India, the United Arab Emirates and the United Kingdom.
In April 2023, Citi India tapped Contour to conduct its first blockchain-enabled letter of credit transaction. It was the bank’s first transaction using the Contour network, of which Citi is a founding member bank.
In that transaction, the letter of credit document presentation was wrapped in three hours, rather than the five to 10 days these transactions typically take.
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