Press release: London June 7th 2022
PrimaDollar today announces two new brands and changes to its operation and management team. This will improve the clarity of our marketing and improve the delivery of our high quality technology services to our customers. The changes are being made following a recent equity raise and further new business wins for both ESG and trade finance platforms.
Today we announce the split of the business into two new separate brands:
- PrimaTrade, running our trade finance platform – optimising working capital for cross-border supply chains
- ES3G, running our social score system – a human rights due diligence platform for supply chains.
We are also announcing today a new CEO (Kris Van Broekhoven), and a reshuffle of the existing management team.
Our core business, historically, has been in trade finance. Our trade finance platform is a secure network over which exporters, importers, financiers and logistics providers cooperate to digitise documents and use the resulting real-time data to improve how working capital flows through supply chains leading to savings of 1% or more on landed costs.
Our platform is live with a number of UK retailers and brands and can deliver significant savings on their landed costs by making cash flow more efficiently through to international suppliers. Separating the PrimaTrade business from the ES3G business allows us to create a separate customer engagement and technology model for our clients – leading quickly to a stronger proposition in the market.
Last year, we used our platform infrastructure to develop our revolutionary Social Score System. With increasing traction in the market, we have decided that this product is a business in its own right and should standalone. For this reason, we have moved it over to ES3G Limited and to its new brand.
Our Social Score System is like a Trustpilot or Yelp rating on a workplace, but based on the views of its workers and with authenticity problems solved. It is simple and quick to implement. It is real-time, all-the-time, all-the-workers – a revolution in data-based transparency for human rights due diligence – a low cost, immediate and authentic way to measure how workplaces are treating their workers.
The PrimaDollar brand and website will be going into temporary retirement shortly, pending a future time when we decide to go back into export trade finance ourselves as a principal once more. We will be making these changes gradually over the next 4 to 6 weeks as the new websites (www.prima.trade and www.es3g.com) and the new brands come on stream.
Kris Van Broekhoven
Kris is joining the group as the new CEO. Kris is joining from Komgo, the market-leading, trade finance fintech owned by a consortium of banks and major corporates where he was formerly the CFO. Prior to Komgo, Kris was global head of commodity trade finance at Citibank, running a global business that he built for the bank over a number of years.
Kris commented that “I am delighted to join PrimaDollar business as CEO. Tim, and the whole team, have worked tirelessly to create some amazing technology that I believe will have a significant impact in the two markets that we are targetting: import trade finance and ESG. The business has a great future and I am really looking forward to ensuring that the potential of these products is fully brought to market.”
Tim has been CEO of the group for the last 7 years since founding the business in 2015. Tim is taking up a new role within the group as Chief Product Officer, allowing him to spend more time with the technology and product development teams internally, driving our commitments to clients and to the delivery of the best trade finance and human rights due diligence platforms in the world.
Tim commented that “Persuading Kris to come on board is a validation of the business and the technologies that we have worked so hard to build. Like many founders, there comes a time when you recognise that a broader skill set is needed to drive the business forward – and Kris brings all this and more. As one of the largest shareholders, I am delighted that Kris has joined – an initiative that I have driven personally so that I can spend more time on the product, technology and customer side of our business.”