What’s going on with TRIT?
Triterras Inc. (TRIT) stock rose after the fintech company for trade finance completed the acquisition of Invoice Bazaar, a Dubai-based provider of supply chain finance service and ecommerce financing in the Middle East. Shares of TRIT were up 3% and trading at $5.51 per share on Tuesday afternoon.
“This transaction is a truly transformative moment for our company as it brings together a strong origination team in the Middle East along with an innovative financing solution for merchants to certain e-commerce companies,” said Srinivas Koneru, chairman and CEO of Triterras.
What does this mean for Triterras?
Triterras will pay Invoice Bazaar shareholders $8 million over the next two years, subject to completion of revenue milestones, according to a news release. The three Dubai-based executives of Invoice Bazaar will join Triterras’ leadership ranks.
“Triterras now has an exceptional team located in the strategically important Middle East region, with licenses to operate immediately,” Koneru added. “Invoice Bazaar’s capabilities in supply chain finance, receivables financing, and e-commerce supplier financing complements our Kratos platform and provides a blueprint for rollouts into other geographies.”
TRIT has an Overall Score of 36. Find out what this means to you and get the rest of the rankings on TRIT!
Triterras Inc is a fintech company. The company is focused on trade and trade finance. Its technology platform facilitates commodities trading that connects and enables commodity traders to trade and source capital from lenders directly online. Also, the company focuses on credit insurance and logistics solutions for small and medium-sized enterprises using innovative blockchain-enabled technology.
