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August 11, 2022
Finance Technologies

UK trade finance challenger bank Diaspora preps for flight

London-based Diaspora is getting ready to spread its wings with the launch of its trade finance challenger bank.

Finance on the blockchain

Finance on the blockchain

The idea is to build a trade finance ecosystem where sellers, buyers, and funders can transact international trade and commodity finance deals over the blockchain.

Diaspora plans to offer SMEs “bespoke” funding solutions, including invoice factoring.

According to its website, it was created in 2017 by a group of entrepreneurs and bankers. It also has offices in Den Haag, in the Netherlands.

The bank says: “Whether you are a small coffee trader in Ethiopia, a wine exporter in Italy… we want you to come to us and be a part of Diaspora.”

It is based at the tech hub Level 39 in Canary Wharf. Ibrahim Farag is the bank’s MD. He has plenty of experience in fintech – such as an investment strategist, investment director; and working at FIMBank in Cairo and Union National Bank in Dubai.

FinTech Futures has contacted the start-up for more details on its licence, tech, launch date and ambitions.

Diaspora joins a very long list of UK challenger banks. A comprehensive overview of them all is here.

UK trade finance challenger bank Diaspora preps for flight
UK trade finance challenger bank Diaspora preps for flight

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