Jofie Yordan · · 2 min readSG-based Xalts acquires finance network owned by top banks
Xalts founders Supreet Kaur (left) and Ashutosh Goel / Photo credit: Xalts
Singapore-based fintech firm Xalts has acquired Contour Network, a trade finance solutions provider owned by a clutch of global banks including HSBC, Standard Chartered, Citi, and BNP Paribas.
Carl Wegner, CEO of Contour Network, will join Xalts’ senior leadership team following the acquisition, but his exact position was undisclosed. Xalts added that its initial focus after the deal is to provide embedded solutions for trade and supply chain finance, particularly for banks, logistics firms, and tech companies.
Contour Network started as a pilot project in 2017, connecting corporations to their banking and trade ecosystem partners through its platform. It has since grown to have over 22 banks and more than 100 global businesses as clients, including Tata Group and Rio Tinto.
The acquisition by Xalts may come as a surprise, as it is usually bank-owned entities making startup buyouts.
Xalts, which is backed by Accel and Citi Ventures, is a financial infrastructure builder that is used by institutions to create multi-party apps for digitalization and tokenization. It was founded in 2022 by Ashutosh Goel and Supreet Kaur, former senior executives at HSBC and Meta, respectively.
The company currently has a team of over 50 across offices in Singapore, Hong Kong, India, the United Arab Emirates, and the UK.
See also: Out with the middlemen: More firms tap banks, BaaS providers for embedded finance
Editing by Miguel Cordon and Lorenzo Kyle Subido
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