Germany’s NORD/LB Will Use Trade Ledger’s LendTech Platform

Trade Ledger, a London-based Lending-as-a-Service FinTech, is partnering with one of Germany’s largest commercial banks, Norddeutsche Landesbank Girozentrale (NORD/LB), to streamline lending decisions.

NORD/LB will use the Trade Ledger platform to originate and manage receivables finance facilities for corporate customers, according to a Tuesday (Oct. 4) press release.

“We are really excited to develop this into a unique proposition for our large corporate customers, working to provide data-driven working capital solutions on a digitized platform,” said NORD/LB Head of Markets Martin Hartmann in the release.

The bank currently releases funds within seven working days of a receivables finance client raising an invoice but will reduce that time frame to 24 hours via the Trade Ledger platform, the release stated.

“For NORD/LB we are creating something truly market-leading — there is no equivalent fully digital solution in the large corporate receivables finance space,” said Trade Ledger CEO Martin McCann in the release.

The Trade Ledger platform is designed specifically for asset-backed business lending. To help lenders make decisions, it gathers and analyzes data, including acquiring invoices direct from borrowers’ enterprise resource planning (ERP) systems, according to the release.

Other lenders that leverage Trade Ledger include Australian business finance specialist ScotPac, which uses it to fast-track loan approval for small- to medium-sized businesses (SMBs), and Virgin Money, which has integrated the platform into its own corporate loan decision-making process.

Read more: Trade Ledger, ScotPac Team to Fast-Track SMB Loan Approvals

ScotPac CEO Jon Sutton said in September 2021 that partnering with Trade Ledger would allow the company to “digitize what has largely been a fairly onerous paper, spreadsheet, moving bits of paper process between brokers, introducers, debt advisors and ScotPac.”

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