The company raised about $62 million from investors at Long Arc Capital and Bpifrance; it will use the funding to focus on the development of its technology. Tinubu Square’s customers are credit and surety insurers, trade finance banks and export credit agencies, according to reports.
The investment means Long Arc Capital, based in the U.S., will take a majority stake in the startup, reports added. Bpifrance has been a stakeholder in the company since 2011.
“We have spent the past year working with the team at Long Arc Capital to drive the next phase of growth to Tinubu Square,” said the company’s Founder and CEO Jerome Peze in a statement. “The Partners at Long Arc Capital bring a wealth of experience to help [bring] Tinubu Square’s business to scale.”
“Bpifrance has long been a supporter, and their reinvestment gives us renewed confidence in our partnership,” Jerome Peze continued. “Tinubu Square’s management confirms its commitment to the implantation of our growth plan by retaining a significant share of the capital.”
“We have great respect for enterprise software businesses like Tinubu Square that are market leaders in their verticals,” added Long Arc Capital Managing Partner Gaurav Bhandari in another statement. “The team at Tinubu Square has executed on a bold vision with remarkable skill and creativity to build a product that has the potential to become the software industry standard for trade credit insurance business.”
Reports said the French company will also use the equity capital to focus on R&D to address new markets, including multinational banks, factoring companies and other financial institutions, reports said. Tinubu Square will also look to develop other products for its existing client base in the trade credit insurance market.