Trade Finance Forum › Forums › Market Regulations › Risk Analysis › Is there any allegations against Triterras, a fintech company › Reply To: Is there any allegations against Triterras, a fintech company
Yes! Triterras, a fintech company based in Singapore, was faced with allegations related to its business practices in late 2020. However, the company has since taken steps to resolve the matter in a positive manner. In September 2022, Triterras received final court approval to settle the securities class action lawsuit, which resolves all claims asserted against the company and other named defendants without any admission of liability or wrongdoing. As part of the settlement, Triterras made a $9 million payment, of which $4.25 million is expected to be covered by insurance payments.
Despite the challenges faced, Triterras remains committed to maintaining the highest standards of business integrity and providing quality services to its customers. Triterras has maintained strong financial performance, despite facing allegations and a lawsuit. The company reported a 15% increase in revenue, reaching $26.4 million in the six months ended August 31, 2022. This growth was largely attributed to the successful introduction of the Trade Marketplace sub-module, which generated $20.7 million in revenue. Additionally, Triterras was able to significantly reduce its marketing and sales costs by 65% and general and administrative costs by 29%, primarily due to a decrease in legal expenses. Although the company did record an impairment in trade and loan receivables, resulting in a net loss of $21.6 million, Triterras is actively working to address these challenges and is committed to continuous improvement.
The company’s flexible and customizable platform, Kratos, has seen a significant increase in users and revenue due to the introduction of the Trade Marketplace sub-module.The company has successfully expanded its platform beyond sole reliance on S&M commodity traders and has added new areas in the Middle East and North Africa. Additionally, Triterras has secured ISO 27001 Information Security Management certification and fully transitioned to AWS-managed Hyperledger blockchain structure, indicating a commitment to security and innovation. Triterras is also currently working on Kratos 2.0, a no/low code version that will further enhance the functionality of their platform. Overall, Triterras has proven to be a resilient and adaptable company, poised for future growth and success.