Today, a huge gap of $1.7 trillion exists between demand for financing solutions and the funding currently available to small businesses. This gap has further widened in the past year due to interest rate increases and a slowdown in growth, making it harder for small businesses to obtain credit from traditional banking systems.
The Israeli start-up 40Seas aims to address this issue, and is currently raising new capital. Eyal Moldovan, the founder, partner, and CEO of the company, states that the 40Seas platform primarily automates offline processes such as customer profiling, credit line management, invoice approvals, collection, and more.
Traditional financing solutions for international trade transactions are often inefficient and expensive. In contrast, 40Seas is revolutionizing this market with a digital system that fully integrates financing and enables full online management of workflows for their foreign customers and suppliers.
The company recently announced that it has raised an additional $6 million, bringing its seed round total to $17 million. Furthermore, 40Seas has a $100 million line of credit from international shipping company ZIM. The quick completion of the new round of funding reflects the rapid growth experienced by the company.
40Seas is a global digital platform embedded within the international trade activities of small and medium-sized businesses, offering an efficient user experience, accessible financial services, and flexible payment terms. The company has made significant achievements in a short time, demonstrating the size of the opportunity and quality of the solution.
