Second Investment from Tryb Capital: Eyes Fintech-Logistic Asian Infrastructure Bridgeby Fintechnews Singapore April 6, 2017
tryb Capital aims to do strategic investments into growth stage technology companies and platforms that are transforming the infrastructure of financial services in ASEAN.
They started in March 2016 and announced the first Fintech investment last November into Singapore based Mc Payment. Now tryb capital announced their second investment into a Stockholm based Fintech-Logistic startup called Chinsay.
Chinsay AB is ,a cloud based platform for end- to-end administration of global commodity and freight contracts, has secured strategic investment of US$4 million from tryb Capital. The investment will be used to fund the continued development of Chinsay’s next- generation product and expansion into Asian markets.
Chinsay’s platform offers a comprehensive suite of front-end tools and the opportunity to apply back-end APIs to enable clear productivity benefits to not only global traders, shipping companies and brokers but also ports, marketplaces and financial institutions involved in trade and trade finance. Chinsay sees a strong acceleration in growth in Asia alongside its major clients.
Magnus Böcker, Chairman and Co-Founder of tryb Capital stated,
“Singapore’s position as a key shipping and trading hub made it more attractive for tryb Capital to invest into Chinsay. This is a great example of how innovative technologies from anywhere, in this case Sweden, can leverage Singapore as a growth platform into Asia.”
Dag Sundén-Cullberg, Founder and Chief Executive Officer of Chinsay commented:
“Chinsay’s board and team see this as a great opportunity for the company to take in additional capital for the current expansion phase while staying fully independent and at the same time getting a strategically important shareholder with an active agenda in the technology industry. The tryb team’s experience and network within technology will benefit Chinsay greatly as we continue influencing and driving usage of new technology in the freight and commodities markets.”
tryb and Chinsay’s partnership is part of the growing interest in the digitisation of trade and trade finance and Singapore’s plans to become a leading Smart Financial Centre. Chinsay provides the opportunity to integrate into local trade ecosystems in Asia and optimise trading processes and workflows while providing enhanced big data analytics capabilities.
We asked Markus Gnirck, Managing Director and Co-Founder of tryb Capital, how the investments into Chinsay and MC Payment are connected to each other? He did not really wanted to let us see clearly into their overall strategy and answered:
“Both transactions represent good investments in infrastructure, growth stage companies. We will work hands on with Chinsay to enhance their big data analytics platform and integration in Asian trade finance ecosystems”