Singapore’s GTR Ventures, a trade and supply chain-focused investor and venture builder, on Tuesday announced its first Africa-focused investment in fintech deals platform Orbitt.
Based in London with operations in Mauritius and a user base across 28 African countries, Orbitt claims to have facilitated over $100 million worth of equity, debt and trade finance transactions.
“Africa-Asia trade today stands at $500 billion, annually. However, capital providers to Africa remain hampered by the lack of financial tools and access to data. Orbitt’s technology can help lenders manage their risks, and to complete timely transactions in otherwise disconnected markets,” GTR Ventures chief investment officer Kelvin Tan said.
GTR Ventures said it will help Orbitt strengthen its trade finance capabilities and facilitate access to its own network of traditional and digital trade finance players.
“Although the continent has a trade finance gap of over $100bn, we see an increasing amount of institutional and impact capital keen on doing more with Africa. Leveraging GTR’s tremendous African footprint – Nigeria, South Africa, Kenya, Zambia and South Africa, we see Orbitt working alongside our partner banks and funds to bridge this gap,” said GTR managing director and GTR Ventures co-founder Peter Gubbins said.
GTR Ventures was launched in September 2017 to invest in four main areas – transaction banking, trade insurance and risk management, SME finance and supply chain, and physical trade.
In March this year, it announced its investments in five trade fintech companies with a combined value of around $50 million.