Created in Paris in 2018, TradeIn, who migrated two years later to EuraTechnologies in Lille, has developed a collaborative solution that instantly assesses the solvency of companies. It is based on an algorithm that sifts through and crosses several types of information. Starting with the data, anonymized and secure, from the platform of the company which already has 4,000 members immediately sharing the payment behavior of their customers, but also the thousands of financial data available on the Internet in open source on companies.
“At any time, we can know if the risk of granting a loan is high or low, if the payment deadline will be met or if not within what time”, emphasizes Jean-Cedric Bekale, the founding president of the company joined by Jack-Hermann Ntoko and an anonymous business angel. This platform, which monitors risks in real time, can also send alerts if customers’ creditworthiness deteriorates.
Raise 30 to 40 million
“Currently, the market is based on company balance sheets which are only released once a year and, at the time of their publication, the information is already obsolete,” adds Jean-Cédric Bekale. TradeIn has filed a worldwide patent on its technology which it claims to be “unique in the world”.
To deploy in France and keep its technological lead, the start-up has just raise 2 million euros near []as well as thirteen business angels. At the end of the operation, Jean-Cédric Bekale remains in the majority. The company has also just received financial support from Google Europe, the amount of which remains confidential, to accelerate its development.
This fundraising will allow fintech, which currently employs thirteen employees, to recruit five people by September and then to strengthen its workforce to 30 employees by the end of 2021. On its momentum, TradeIn is already planning a second fundraising within a year and is targeting a much more ambitious amount. , between 30 and 40 million euros, to acquire a European and global dimension. On this basis, the start-up projects a turnover of 6 million euros in 2023.
Creation date : 2018
President : Jean-Cedric Bekale
Amount: 2 million euros
Effective : 13 people