Triterras Generated Over $6.6 billion in Transaction Volume on its Kratos Platform Through June 30th Despite COVID-19

Rhea-AI Summary

Triterras has announced that its Kratos™ marketplace has exceeded $6.6 billion in total trade and trade finance transaction volume since its launch in June 2019. The platform has recorded over $3.7 billion in transactions for the fiscal year ending February 29, 2020, with average monthly volumes of $420 million. Notably, in the first four months of fiscal 2020, the transaction volume surged to an additional $2.9 billion, reflecting a 70% increase compared to the previous year. Additionally, Triterras has received a non-binding letter of intent to merge with Netfin Acquisition Corp. (NASDAQ: NFIN).

Positive

• Kratos™ surpassed $6.6 billion in transaction volume since June 2019.
• Reported $3.7 billion in transaction volume for the fiscal year ended February 29, 2020.
• Achieved $720 million average monthly transaction volume in the first four months of fiscal 2020, a 70% increase from FY 2019.
• Received a non-binding letter of intent to merge with Netfin Acquisition Corp. (NASDAQ: NFIN), which may accelerate growth.

Negative

• None.

SINGAPORE, July 6, 2020 /PRNewswire/ -- Triterras today announced that its Kratos™ marketplace has surpassed $6.6 billion of trade and trade finance transaction volume since going live in June 2019.  

Kratos is one of the world's largest commodity trading and trade finance platforms that connects and enables commodity traders to trade and source capital from lenders directly online.

As of its fiscal year ended February 29, 2020, Triterras reported over $3.7 billion in transaction volume for trade and trade finance on the Kratos platform with an average monthly transaction volume over $420 million.

In the first four months of fiscal year 2020, Kratos has captured an additional $2.9 billion of transaction volume with an average monthly transaction volume of $720 million -- a more than 70% increase over fiscal year 2019 levels.

Triterras Founder and Chairman Mr. Srinivas Koneru said: "Our Kratos platform's growth has been exceptional. It shows that more and more traders and lenders are recognizing the value-added benefits of our technology platform."  

Triterras expects the growth of Kratos to continue well into the future. In fact, as a result of the COVID-19 pandemic, the platform has experienced an increase in trading and trade finance activity as more activity shifts online.

Koneru added: "In order to survive the current crisis and even a post-pandemic world, participants in the trade and trade finance industry will have to embrace digitization. Triterras helps traders, borrowers, and lenders transact cheaper, more secure, and faster through the Kratos platform."

Last week, it was announced that Triterras received a non-binding letter of intent to merge with Netfin Acquisition Corp. (NASDAQ: NFIN, NFINW). The transaction, which is expected to be announced definitively later this month, would provide Triterras the strategic capital to further accelerate its growth.

About Triterras

Founded in 2012, Triterras is a leading fintech company focused on trade and trade finance. Triterras developed and operates Kratos - one of the world's largest commodity trading and trade finance platforms that connects and enables commodity traders to trade and source capital from lenders directly online. For more information, please visit triterras.com. 

Triterras Contact:

Jim Groh
(678) 237-7101
Email: ir@triterras.com

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SOURCE Triterras

FAQ

What is Triterras's transaction volume on the Kratos platform as of June 2020?

As of June 2020, Triterras's Kratos platform has surpassed $6.6 billion in transaction volume.

How much transaction volume did Triterras report for fiscal year 2020?

Triterras reported over $3.7 billion in transaction volume for the fiscal year ending February 29, 2020.

What is the average monthly transaction volume on the Kratos platform in fiscal 2020?

The average monthly transaction volume on the Kratos platform was approximately $720 million in the first four months of fiscal 2020.

What merger announcement was made regarding Triterras?

Triterras received a non-binding letter of intent to merge with Netfin Acquisition Corp. (NASDAQ: NFIN), expected to provide strategic capital for growth.

How has the COVID-19 pandemic affected Triterras's trading activity?

The COVID-19 pandemic has led to an increase in trading and trade finance activity on Triterras's Kratos platform as trading shifts online.