Singaporean fintech company Xalts acquires digital trading platform Contour Network

Xalts, a Singaporean fintech startup founded 18 months ago, has reversed roles and acquired Contour Network, a digital trading platform established by eight major banks including HSBC, Standard Chartered and BNP Paribas. Terms of the deal were not disclosed, but the purchase price is in the millions of dollars and is made up of cash and stock.

Backed by Accel and Citi Ventures, Xalts enables financial institutions to build and manage blockchain-based applications. Contour was launched in 2017 by a consortium of eight banks to digitize trade and is currently used by 22 banks and more than 100 global companies, including Tata Group, Rio Tinto Group and SAIC Motor.

Xalts was founded in 2022 by Ashutosh Goel and Supreet Kaur, who previously held senior management positions at HSBC and Meta respectively. Kaur told TechCrunch they launched Xalts because large financial institutions and businesses often don’t have a single process for handling all financial products, such as business loans, issuing letters of credit or bank guarantees. Instead, they are handled by different teams inside and outside the organization. For example, if a commercial bank issues a loan to a company, different teams will be responsible for KYC, onboarding, risk, compliance and issuance.

If a financial institution decides to build an application to make processes more efficient, they often ask their IT team or an external software service provider, but this can cost a lot of money and take months. The goal of Xalts is to allow enterprises to build their own applications and share them not only within the organization but also outside it.

Xalts founders Supreet Kaur and Ashutosh Goel

Xalts founders Supreet Kaur and Ashutosh Goel

The startup plans to build Contour into a rail link between banks, businesses and other institutions and integrate it with the Xalts platform. Kaur said this will allow Xalts customers to not only build applications but also connect to each other in a secure and compliant manner. It will first focus on enabling banks and logistics companies to offer embedded trade and supply chain applications to customers on a single platform.

Global trade is expected to reach $30 trillion by 2030, but traders still have to deal with plenty of friction. Transactions often take a lot of time because everyone involved (including importers, exporters, banks, logistics companies and customs) exchange information through manual processes.

Kaur said Xalts’ biggest growth area is enabling banks to build closer ties with corporate clients and provide B2B financial solutions, including trade finance and lending. One example she gave was a global fast fashion group with suppliers based in Vietnam and Bangladesh. Even if the group’s banks are not located in these countries, it can use Xalts to build integrated applications to help suppliers obtain financing through a one-click solution for its internal supplier portfolio.

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