Tech Upstart Xalts Buys Digital Trade Network Contour, Creating a New Fintech Powerhouse
In a surprising turn of events, Singapore fintech startup Xalts has made a major acquisition, taking over the digital trade platform Contour Network. The deal, whose terms were undisclosed, was valued in the high single millions in cash and stock.
Xalts, established just 18 months ago, is backed by Accel and Citi Ventures. The company provides financial institutions with the tools to develop and manage blockchain-based apps, and now with the acquisition of Contour Network, it looks to expand its reach in the digital trade space.
Founded in 2017 by a consortium of eight major banks, including HSBC, Standard Chartered, and BNP, Contour Network was established to digitize trade and is currently used by 22 banks and more than 100 global businesses.
Xalts’ founders, Ashutosh Goel and Supreet Kaur, both heavyweights in the finance and tech industries, aim to streamline the financial processes of large institutions and businesses. They recognized that handling financial products, such as corporate loans and letter of credit, often requires multiple specialized teams across different organizations involved in evermore complex systems.
To address these challenges, Xalts enables businesses to create their own financial apps, streamlining processes and connecting businesses in a secure and efficient manner. By integrating Contour Network into their platform, Xalts plans to revolutionize global trade by creating a rail connecting banks, corporations, and other institutions.
With the global trade expected to reach $30 trillion by 2030, Xalts foresees a massive opportunity in this space. They aim to help banks and logistics companies offer seamless trade and supply chain apps on a single platform to their customers, eliminating friction and accelerating the transaction process.
Through this acquisition, Xalts looks to position itself as a leader in the digital financial trade technology, forging new pathways for global trade connectivity and business interactions.
