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Tensec to deliver real-time, cross-border payments to smaller businesses after raising $10M in funding
- Tensec Holdings Ltd. secures $12 million in seed funding to revolutionize financial services for small and medium-sized businesses by offering real-time cross-border payments and banking services.
- The funding round was led by Costanoa Ventures with participation from Quiet Capital, WillowTree Investments, Cambrian VC, Ignia Partners, Montage Ventures, Renegade Partners, and Endeavor Scale Up Ventures.
- Tensec targets global trading companies, trade compliance consultants, investment firms, and foreign exchange brokers to enable seamless cross-border transactions and provide banking services to small and medium-sized businesses (SMBs).
- The startup has developed a global financial infrastructure platform to integrate international payments, FX services, treasury, loans, and other services at lower costs compared to traditional banks.
- Tensec aims to empower global trade companies to offer financial services directly to their partners, making global commerce faster, cheaper, and more accessible.
- The traditional SWIFT network for cross-border payments is deemed inefficient, prompting Tensec to provide modern financial tools for SMBs and global trade partners.
- Tensec simplifies global payments, hedging, and trade finance services into a single platform, enabling quick client onboarding and efficient transactions in over 150 countries and 70 currencies.
- The platform offers FX hedging services, treasury tools, customizable pricing models, and AI-powered compliance checks, enhancing efficiency for trading companies and their SMB clients.
- Tensec's services allow companies engaged in global trade to offer financial innovations, addressing the underserved needs of SMBs and aiding in their growth.
- Partnership with local banks, like Stearns Financial Services Inc., facilitates the delivery of payments and banking services through Tensec's platform.
- Tensec's platform integration is swift, requiring minimal setup time, and supports risk assessment and compliance checks to enhance security.
- Amy Cheetham from Costanoa Ventures praises Tensec for bridging the gap in financial services, providing new revenue opportunities for trading companies and modern tools to SMBs.
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