Here's Xalts. This 18-month-old Singaporean startup has acquired Contour Network, a digital trading platform set up by eight major banks, including HSBC, Standard Chartered, BNP, and more. 

• Xalts is backed by Accel and Citi Ventures. 

Deal deets. The exact terms of the deal were kept hush-hush. But the acquisition price was composed of cash and stock and was valued in the high single millions.

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🧐 No-code, no problem

Xalts builds blockchain apps and infrastructure that allow financial institutions to conduct their services more efficiently.

• Most banks and financial institutions don't have a set process for their financial products and ask different teams to handle different steps like onboarding, compliance, and so forth. 

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🌟 Use cases 

One workaround is for companies to hire third-party IT teams to build their own apps—but this is often hassle and costly. 

• Xalts' full-stack solutions allow institutions to build their own apps fast and share them externally! 

How that works? If you’re a global conglomerate with vendors in multiple countries, you can help the vendors you work with access financing (even if your bank isn’t present in their country). 

• You can do this by using Xalts to build an integrated financial app, like a one-click solution on your internal vendor portfolio, for your vendors to access financing. 

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👏 What about Contour Network

They’re a global network of banks, corporates, and trade partners who are making global trading digital, more accessible, and secure.

• They’re currently used by 22 banks and more than 100 businesses worldwide. 

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🪜 Next steps? 

Xalts plans to integrate Contour Network into their platform, allowing their clients to build apps and connect with each other more securely. 

• They’ll start helping banks and logistics companies offer embedded trade and supply chain apps.