Rinchi
TechInAfrica – GTR Ventures has announced an investment in an African-focused fintech deals platform, Orbitt. The aims of investment are to tone up Orbitt’s capabilities in trade finance using a product and innovation perspective. In addition, GTR Ventures through the investment will also help to expand Orbitt’s partnerships with global and digital trade financiers.
The announcement took place at the Global Trade Review (GTR) Africa Trade and Investment Conference in London. Speaking during the announcement, the CEO and Co-Founder of Orbitt Lanre Oloniniyi said, “Our partnership with GTR Ventures comes at an exciting time for us,”
“Africa’s trade finance gap exceeds $100bn. By leveraging GTR‘s tremendous footprint in Africa — Nigeria, South Africa, Kenya, and Zambia, we see Orbitt working alongside banks and funds, in bridging this gap,” he added.
Also speaking during the announcement, the CIO of GTR Ventures based in Singapore, Kelvin Tan added: “Africa-Asia trade today stands at $500 bn, annually. However, capital providers to Africa remain hampered by the lack of financial tools and access to data. Orbitt’s technology can help lenders manage their risks, and to complete timely transactions in otherwise disconnected markets. We welcome partnerships with all stakeholders to improve credit transparency on the continent.”
The announcement of the investment in London was also an annual gathering attended by international trade, export, and project finance professionals which have interest in African countries.
