Trade finance, especially the one that serves the needs of SMEs is a crucial aspect of the global economy accounting for 6% of global GDP. Reportedly, there is a $1.7 trillion gap in trade finance in 2020 alone, accounting for 10% of global trade. This gap is partly due to the sector’s slow modernisation compared to other areas of finance, which are rapidly embracing digital technologies.
French startup Tulyp aims to solve the gap between SMEs and large businesses by providing a one-stop-shop platform. Now, the platform digitalising trade finance, has closed €1.5 million in a seed round led by Speedinvest (which invested in cylib and hexafarms) alongside other major investors including Kima Ventures, Purple Ventures, and business angels.
The funding will be used to accelerate growth and enhance Tulyp’s service capabilities in Europe and Asia. It will improve the platform, and refine its functionality, and scalability. This fundraising will also help Tulyp forge new strategic partnerships with B2B financing companies and freight forwarders, enhancing the added-value services offered to its clients. It also aims to increase the pace of customer acquisition in its strong markets, Europe and Asia, reinforcing its commitment to expanding its global footprint and reinforcing its market presence.
One-stop-shop for SMEs
Founded by Maxime Girres and Gilles Jacottet in 2022 in Paris, Tulyp is committed to ensuring that SMEs have access to trade finance services on par with large corporations. To achieve this, the company provides an innovative, seamless platform that digitises and secures the entire trade finance process, leveling the playing field for smaller businesses in global markets. Currently, Tulyp serves clients across three continents.
Tulyp enhances the value for SMEs by enabling faster, more secure international deal closings beyond traditional processes. It mitigates risks in import-export transactions, such as transport, currency, and counterparty risks, ensuring secure and transparent payment terms that protect both buyers and sellers.
The platform collaborates with global financing companies to alleviate cash flow problems for SMEs engaged in international trade, reducing financial pressures and associated risks. Also, Tulyp accelerates import-export transactions by providing a one-stop shop that consolidates all necessary services, streamlining the entire process.
Nicolas Mazza, CEO of Nama Enterprise, a Hong Kong-based commodities trade company working with Tulyp since January 2024, said “Since integrating Tulyp into our operations at Nama Enterprise, it has revolutionized our business by enhancing security and transparency, making transactions risk-free and efficient. Tulyp’s user-friendly interface and seamless workflow integration have simplified previously complex processes and provided transparency throughout the transaction lifecycle. Tulyp has supported our expansion into new markets, including large-scale trades and bulk shipments to Vietnam, playing a crucial role in facilitating smooth and secure transactions. Our partnership has been invaluable in mitigating risks and scaling our trading operations significantly.”
“After more than 2 years of hard work and iteration, we are really proud that Tulyp is now live with active clients on three continents. Bringing new key partners like SpeedInvest, Kima Ventures, Purple Ventures and strategic Business Angels will help us scale our client offering and onboard new clients. By helping SMEs to develop their business all around the world, we trully believe that Tulyp is opening a new era for SMEs in trade finance ! It is now a new chapter in Tulyp’s growth that we are looking forward too!,” added Maxime Girres, CEO and founder of Tulyp.
“We are very excited to be investing in Tulyp for its role in revolutionizing SME trade, addressing the trust deficit and financing inefficiencies in international transactions. There is a $500bn trade finance gap in the segment, and we believe that Maxime and his team are the pioneers that will tackle it with the right product,” added Alexis Majos, Principal at Speedinvest.
“We had been looking for a startup in trade finance for a long time, and one that would disrupt the letter of credit that is slowing down our commercial exchanges. With Tulyp, we have discovered a passionate team and are very happy to support them with Kima Ventures,” added Alexis Robert, Partner at Kima Ventures.
