TechFlow news, according to TechCrunch, Singapore-based fintech startup Xalts has announced the acquisition of Contour Network, a digital trade platform established by eight major banks including HSBC, Standard Chartered, and BNP Paribas.
While the terms of the deal were not disclosed, the acquisition is valued at several million dollars, comprising cash and stock. Founded in 2022 by former HSBC and Meta executives Ashutosh Goel and Supreet Kaur, Xalts specializes in helping financial institutions build and manage blockchain-based applications.
Since 2017, Contour has provided trade digitization services to 22 banks and more than 100 enterprises globally.
Following the acquisition, Xalts plans to transform Contour into a platform connecting banks, enterprises, and other institutions, integrating it with the Xalts platform to enable tighter collaboration between financial institutions and corporate clients, delivering B2B financial solutions including trade finance and lending services.
