New Zealand’s ASB Bank joins $1.7M round for trade finance blockchain startup

New Zealand-based ASB Bank, owned by the Commonwealth Bank of Australia, has participated in an NZ$2.67 million (~US$1.7 million) seed funding round for trade finance blockchain startup TradeWindow.

Announced Monday, TradeWindow said this is ASB’s repeat investment in the startup, with two new investors - family office Leroux and their consulting partner Te Hana, as well as family office Rae also participating in the round. ASB previously invested a “significant” amount in TradeWindow in August and now reportedly owns 21% of the startup. 

With the fresh capital, TradeWindow aims to commercially launch its blockchain-based trade finance platform. Through a “single trading window,” the startup claims to help users save on costs by sharing trade information under one platform.

“ASB supported and invested in TradeWindow early on because we could see the opportunity and the need to simplify the export process, while also providing a secure platform to share relevant information and documentation,” said Nigel Annett, executive general manager of business banking at ASB, which "successfully" piloted by TradeWindow's platform last year.

TradeWindow founder and CEO, AJ Smith, said that the platform has been “thoroughly” tested and is now “very close” to commercial launch. “This is piquing the interest of some of the region’s most experienced exporters, carriers, banks, ports and airlines,” he added.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.