In a move to further digitize trade documentation, Lloyds Banking Group has invested €3 million in technology company Enigio. The investment will allow Enigio to expand its bespoke solution, trace:original, which eliminates the need for physical paper documentation in trade transactions.
Lloyds Banking Group led Enigio’s latest funding round, with participation from existing investors Stockhorn Capital and MOOR Holding, bringing the total raised to approximately €6 million. This investment will enable Enigio to continue growing and provide businesses with a faster, more affordable, and secure way to digitize physical original documents such as promissory notes, bills of exchange, and bills of lading.
This strategic investment is part of Lloyds Banking Group’s Fintech Investment team’s focus on identifying and investing in businesses that can drive strategic growth for the group and offer technology solutions to its customers and clients.
Enigio has been working on enhancing the digitalization of trade and other documents since 2019 through its trace:original solution. Currently, only less than 1% of the approximately 4 billion trade documents in transit worldwide are digital. Enigio aims to increase the usage of its trace:original, a legally compliant digital equivalent of an original paper document, across the trade ecosystem with this investment.
Kirsty Rutter, Director of Fintech Investment at Lloyds Banking Group, expressed confidence in Enigio’s innovative technology and potential, stating that their commitment is driven by the goal of helping the company become the standard solution for digital, authoritative, and original documentation globally.
Gwynne Master, Managing Director of Lending and Working Capital at Lloyds Bank, highlighted the longstanding partnership between Lloyds Bank and Enigio, including the development of the UK’s first Digital Promissory Note and digitization efforts to streamline trade processes for clients.
Torgny Gunnarsson, Chairman of the Board at Enigio, welcomed the investment and expressed enthusiasm for the future collaboration with Lloyds Banking Group. With this funding, Enigio aims to revolutionize trade documentation by providing a secure and efficient digital alternative to physical paper documents.
Follow crowdfundingmagazine on Instagram: @crowdfundingmagazine_it