Lloyds Banking Group has invested €3 million in technology company Enigio to expand its use of digital documentation in trade.
Lloyds Banking Group announced its €3 million investment in Enigio to accelerate the digitisation of trade finance documentation.
The investment will enable Enigio to continue to grow and provide businesses with a faster, more affordable and secure way to digitise physical original documents like promissory notes, bills of exchange and bills of lading.
Lloyds led Enigio’s latest funding round, which totalled €6 million, with contributions from existing investors like Stockhorn Capital and MOOR. The support for Enigio is the latest strategic investment by the Group’s Fintech Investment team, which have put a continued focus on identifying and investing in businesses that can drive strategic growth for Lloyds Banking Group and also provide technology solutions for customers and clients.
As only 1% of the 4 billion trade documents that are in transit daily are digital, Enigio has been working since 2019 to revolutionise the digitisation of trade and other documents with its trace:original solution. Through this investment, the company aims to grow usage of their solution across the trade ecosystem.
Gwynne Master, managing director of lending and working capital at Lloyds Bank, commented: “This investment in Enigio is the latest significant milestone in our partnership. As we head into an exciting time for the trade industry, with the UK Electronic Trade Documents Act round the corner, we look forward to being at the forefront of future innovation with Enigio and helping businesses unlock the benefits of digital trade.”
