Cartan Trade
Cartan Trade is a Paris-based insurtech founded in 2022 that provides digital trade credit insurance (Unlock 360, Focus, Multi, Plus) to SMEs and large corporates across Europe, distributed through 70+ ORIAS-accredited brokers and direct enterprise sales in four markets.
- Company typePrivate
- Founded2022
- HeadquartersParis, France
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Cartan Trade does
Cartan Trade is a Paris-based insurtech founded in 2022 that specializes in digital trade credit insurance for European corporates and financial institutions. The company sells four modular products under the Unlock brand: Unlock 360 (comprehensive whole-turnover credit insurance), Unlock Focus (single-risk coverage for key customers), Unlock Multi (revolving multi-customer coverage for portfolio concentration risk), and Unlock Plus (top-up coverage supplementing existing primary policies, using a 'Pay per Approved Limits' billing model). The underlying technology is a fully digital underwriting and policy management platform with automated credit limit management, real-time buyer financial health monitoring, and a recently internalized Moody's data infrastructure covering approximately 600 million entities.
Cartan Trade generates revenue primarily through recurring annual premiums on credit insurance policies, with top-up and supplementary coverage providing incremental premium streams. Pricing is quote-based, tailored to each customer's risk profile, and structured around approved credit limits rather than turnover declarations. The go-to-market combines a broker-centric distribution model (70+ ORIAS-accredited broker partners across Europe plus banking institutions) with direct enterprise field sales through regional directors in France, UK & Ireland, Benelux, and Italy. Customer segments span SMEs (turnover under €250 million) and large corporates (turnover above €250 million), with banks and mid-sized companies as secondary segments.
As of late 2025, Cartan Trade reported approximately €40 million in expected premiums, 400+ active policies, and €12 billion in total committed cover, supported by a 30% average annual growth rate over four years. The company is majority-owned (80%) by Intact Insurance (Intact Financial Corporation) since April 2026, with SCOR (through SV One SAS) and Bpifrance (Large Venture fund) as continuing shareholders. Effective May 1, 2026, Cartan Trade operates as the dedicated European underwriting platform for Intact Insurance's trade credit insurance business, backed by Intact's AA- Fitch rating. Regulatory authorizations include ORIAS registration in France (number 21009491) and FCA/PRA Appointed Representative status in the UK.
Cartan Trade firmographics
Firmographics- Name
- Cartan Trade
- Legal name
- CARTAN TRADE
- Website
- https://cartantrade.com
- Company type
- Private
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Cartan Trade is a Paris-based insurtech founded in 2022 that provides digital trade credit insurance (Unlock 360, Focus, Multi, Plus) to SMEs and large corporates across Europe, distributed through 70+ ORIAS-accredited brokers and direct enterprise sales in four markets.
- Ownership category
- akta.pro rank
Cartan Trade industry classification
Industry- Product category
- Trade Credit Insurance
- NAICS
- Commodity Contracts Intermediation (52316)
- SIC
- Commodity Contracts Brokers & Dealers (6221)
- akta.pro primary industry
- Distributor & Dealer Finance (Channel Financing) (FSABAHAE)
Keywords
Where Cartan Trade is headquartered
LocationHeadquarters
- HQ city
- Paris
- HQ country
- France
- HQ region
- Europe
Offices5 records
Markets served
Cartan Trade business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others
Revenue model
- Credit Insurance Premiums: Annual recurring premiums charged for credit insurance coverage. Premium billing is based on guaranteed/approved limits ('Pay per Approved Limits' system), making budget predictable for customers. Contract minimum term of 1 year with renewal provisions.
- Coverage Extensions and Top-Up: Additional premium revenue from extended coverage options including political risk, disputed receivables, binding contracts, and pre-dispatch coverage. Top-up solutions generate incremental premiums for supplemental limits.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Custom pricing based on risk profile and coverage needs |
| Usage-based | Pay-as-you-go | Top-up coverage pricing for existing policyholders |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels5 records
Cartan Trade product offering
Product offeringCore offering
Cartan Trade is an insurtech that provides trade credit insurance to protect businesses against non-payment by their customers. It offers a modular portfolio of digital credit insurance products — comprehensive whole-turnover coverage, single-risk targeted policies, multi-risk revolving cover, and top-up supplementary policies — distributed through accredited brokers and a digital self-serve platform across European markets.
Product overview
Cartan Trade is an insurtech platform specializing in trade credit insurance, offering a modular portfolio of digital credit insurance solutions. The core offering includes Unlock 360 (comprehensive whole-turnover coverage), complemented by specialized add-on modules: Unlock Focus (single/targeted risk), Unlock Multi (multi-risk revolving coverage), and Unlock Plus (top-up/supplementary coverage for clients with existing primary policies). Products are distributed through a network of over 70 broker partners and supported by a digital platform. The company serves SMEs (turnover under €250m), large companies (turnover over €250m), and distributors. Geographically, Cartan Trade operates in France, UK, Benelux, and Italy, with plans to expand to Spain and Northern Europe. The company reorganized in 2025–2026 with Intact Insurance becoming majority shareholder (80%) and SCOR remaining as a key shareholder.
Differentiator
Problem solved
Functional benefit
Brands
- Unlock 360: A comprehensive whole-turnover credit insurance contract providing protection against unpaid invoices of customers, with customizable options and digital platform management.
- Unlock Focus
- Unlock Multi
- Unlock Plus
Products and services
- Unlock 360 A comprehensive, tailor-made credit insurance contract covering all transactions against non-payment risks, including financial health monitoring, debt recovery, risk alerts, and loss indemnification for companies of all sizes.
- Unlock Focus A targeted single-risk credit insurance solution for protecting one or more key customer transactions against insolvency and non-payment, covering manufacturing risk and pre-dispatch costs if a buyer's financial situation deteriorates.
- Unlock Multi A revolving credit insurance solution covering outstanding amounts on strategic customers over 12 months or during business peaks when internal credit limits are reached, addressing customer portfolio concentration risks.
- Unlock Plus A top-up credit insurance solution that supplements existing primary credit insurance policies by tripling coverage on buyers partially covered or refused by the primary insurer, featuring a 'Pay per Approved Limits' billing system.
Quantifiable outcome
- 30% annual growth in premiums over four years
- +3 more outcomes
Companies that use Cartan Trade
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles4 records
Cartan Trade technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature6 records
Cartan Trade partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- Moody'scoreCartan Trade signed agreement with Moody's to internalize governance of its data infrastructure. Through this contract, Cartan Trade gains direct ownership and full traceability of core data flows, removing intermediary dependencies and placing data quality at the center of operations. Moody's data supports approximately 600 million entities with Cartan Trade's innovative underwriting platform.
- ORIAs-Accredited Brokers and Banking InstitutionscoreOver 70 broker partners accredited through ORIAS (register of insurance intermediaries) distribute Cartan Trade products. Banking institutions also offer Cartan Trade solutions as part of their financial services. All intermediaries are trained in Cartan Trade solutions to advise clients on customer risk management.
Scale indicators12 records
Recent moves8 records
Expansion highlights5 records
Cartan Trade competitors and assessment
Company assessmentBroad incumbents
- Tokio Marine HCC: Specialty insurance group owned by Tokio Marine, with a Credit and Political Risk division offering trade credit insurance in Europe and globally. Overlaps with Cartan Trade on single-risk and political-risk-style products; broader specialty insurance portfolio.
- AIG (American International Group): Global insurer with a trade credit insurance offering under its Specialty division. Overlaps with Cartan Trade on large corporate and financial institution accounts where AA-rated balance sheet backing and global coverage are decision criteria; broader portfolio beyond trade credit.
- Liberty Mutual Insurance: Global insurer with a Liberty Specialty Markets division that writes trade credit and political risk insurance in Europe. Overlaps with Cartan Trade on large corporate and financial institution trade credit business; trade credit sits within a much broader commercial and specialty portfolio.
- QBE Insurance Group: Australian-headquartered global insurer with a significant European specialty and trade credit insurance franchise. Competes in the broader European commercial insurance market where Cartan Trade sells via brokers, though QBE's trade credit book is one line within a much broader portfolio.
- Chubb: Global property & casualty and specialty insurer with trade credit insurance capabilities serving European mid-market and large corporate clients. Comparable customer base (SMEs to multinationals) but trade credit is one product line within Chubb's broader commercial insurance offering.
Emerging players
- Markel Group: US-headquartered specialty insurer growing its European specialty and credit-related offerings. Competes for mid-market and niche trade credit risks where Cartan Trade's modular Unlock products also compete; smaller trade credit book than the global incumbents but expanding in Europe.
Direct peers
- Coface: Paris-headquartered global trade credit insurer and the most direct competitor to Cartan Trade in the French and broader European SME and mid-market segments. Listed on Euronext Paris with multi-billion-Euro premium volumes, Coface is the benchmark digital and product competitor Cartan Trade is differentiated against.
- Credendo: Belgian-headquartered European credit insurance and surety group operating across Benelux, France, and other EU markets. Comparable size tier to Cartan Trade and a direct competitor in the mid-market segment where Cartan Trade positions its Unlock product suite.
- Atradius: Amsterdam-headquartered global trade credit insurer (part of Grupo Catalana Occidente) competing directly with Cartan Trade across European markets including France, UK, Benelux, and Italy. Comparable product breadth and broker distribution model; Cartan Trade's Head of France was previously Special Products Director at Atradius for 19 years.
- Allianz Trade (formerly Euler Hermes): World's largest trade credit insurer, owned by Allianz Group. Directly comparable product suite (whole-turnover, single-buyer, top-up), broker distribution model, and European customer base. Sets the scale and digital benchmark against which Cartan Trade positions its modular offering.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Cartan Trade social profiles
Digital presenceCartan Trade compliance and trust
Trust signalCompliance3 records
Cartan Trade financial estimates
Financial estimateRevenue estimate
Valuation estimate
Cartan Trade leadership team
Management profileNumber of profiles
Profiles12 records
Cartan Trade subsidiaries and ownership
Company hierarchySubsidiaries1 record
Cartan Trade funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Cartan Trade M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Cartan Trade
What does Cartan Trade do?
Cartan Trade is an insurtech that provides trade credit insurance to protect businesses against non-payment by their customers. It offers a modular portfolio of digital credit insurance products — comprehensive whole-turnover coverage, single-risk targeted policies, multi-risk revolving cover, and top-up supplementary policies — distributed through accredited brokers and a digital self-serve platform across European markets.
Is Cartan Trade a public or private company?
Cartan Trade is a private company. It is classified as corporate owned and is currently operating.
When was Cartan Trade founded?
Cartan Trade was founded in 2022. It employs 11 to 50 people.
Where is Cartan Trade based?
Cartan Trade is headquartered in Paris, France, in the Europe region.
How does Cartan Trade make money?
Two revenue lines are on record. Credit Insurance Premiums are the primary driver. The others are coverage Extensions and Top-Up.
Who are Cartan Trade's main competitors?
Broad incumbents on record are Tokio Marine HCC, AIG (American International Group), Liberty Mutual Insurance, QBE Insurance Group and Chubb. Markel Group is listed as an emerging player. Direct peers are Coface, Credendo, Atradius and Allianz Trade (formerly Euler Hermes).
Does Cartan Trade have an API?
No public API is recorded for Cartan Trade.
What industry is Cartan Trade in?
Cartan Trade's product category is Trade Credit Insurance. Its primary akta.pro industry code is FSABAHAE, Distributor & Dealer Finance (Channel Financing). Its NAICS code is 52316 and its SIC code is 6221.