- Singapore fintech startup Xalts acquired Contour Network.
- This transforms 18-month-old Xalts, previously focused on blockchain apps.
- The acquisition unlocks exciting possibilities for Xalts’ clients in efficiency.
In a surprising move, Singapore-based fintech startup Xalts has acquired Contour Network, a digital trade platform backed by major banks like HSBC and Standard Chartered.
This marks a significant shift for the 18-month-old company, previously focused on empowering financial institutions to build blockchain applications.
How it all started for Xalts
Founded in 2022 by Ashutosh Goel and Supreet Kaur, Xalts saw an opportunity to streamline financial processes traditionally handled by separate teams and outsourced services.
Their platform allows businesses to build and share custom applications, easing complexities around corporate loans, letter of credit issuance, and more.
Exciting times ahead for clients
The undisclosed acquisition, priced in the “high single millions” with cash and stock, brings Contour’s existing network of 22 banks and 100+ global businesses into Xalts’ fold. Xalts plans to transform Contour into a secure and compliant “rail” connecting banks, corporations, and other institutions.
This integration unlocks exciting possibilities for Xalts’ clients, enabling them to not only build applications but also forge secure connections with other parties. “Global trade is riddled with friction,” explains Kaur. “Transactions are slow, often requiring manual paperwork between various players. Xalts, combined with Contour’s network, can tackle this problem head-on.”
Xalts position to lead in global trade market
This combined force aims to empower banks and logistics companies to offer embedded trade and supply chain applications on a single platform, boosting efficiency and accessibility for clients. Xalts sees immense potential in enabling banks to connect deeper with corporate customers and offer solutions like trade finance and lending.
For example, imagine a fashion conglomerate leveraging Xalts to offer vendors in distant countries one-click access to financing solutions through its internal platform. This highlights the vast opportunities emerging from this acquisition, positioning Xalts to lead the charge in a global trade market projected to reach $30 trillion by 2030.
