Canada’s Surecomp acquires trade finance firm ELCY for undisclosed sum
Canadian trade finance solutions provider Surecomp has acquired UK-based rival ELCY, including its flagship multi-bank platform, elcyMBP, for an undisclosed sum.
Surecomp acquires ELCY
Powered by Amazon Web Services (AWS), elcyMBP enables corporates to communicate and manage their trade finance transactions with multiple banks globally through a centralised platform.
The Software-as-a-Service (SaaS) solution features multiple modules for import and export trade finance processing, while data mapping is enabled through API integration with front, middle and back office functions.
ElcyMBP counts the likes of HSBC, BNP Paribas, DBS, Commerzbank, MUFG and Bank of China as clients, and according to Surecomp, has proven particularly successful among the commodities sector in Europe and Asia.
As part of the transaction, elcyMBP will now become a module within Surecomp’s RIVO offering.
Launched in 2022, RIVO is Surecomp’s end-to-end trade finance platform, which like elcyMBP, is also hosted by AWS and offered via SaaS, counting Raiffeisen Bank International, Investec, and DZ Bank in Germany as clients.
