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Announcement – Cartan Trade Signs with Moody’s: A New Step in Its Data Sovereignty Strategy

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28 April 2026

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In an industry where the quality of data determines the quality of every decision, Cartan Trade is taking a deliberate step: bringing its core data operations in-house, on its own terms.

Cartan Trade has signed an agreement with Moody’s to internalize the governance of its data infrastructure. Through this contract, Cartan Trade gains direct ownership and full traceability of its core data flows — removing intermediary dependencies and placing data quality at the centre of its operations, where it belongs.

For a company built on the promise of being agile, precise and trustworthy in a market long dominated by legacy incumbents, this is not a peripheral decision. It is a structural one. The reliability of our underwriting, the accuracy of our risk assessments, the relevance of the intelligence we bring to our clients and broker partners — all of it rests on the integrity of the data that feeds it. When that data is owned, governed and controlled by us, we can stand behind it entirely.

The agreement with Moody’s reflects a conviction we have held since our earliest days: that building a credible alternative in trade credit insurance requires not only commercial agility and underwriting discipline, but the technological foundations to sustain both over time. As artificial intelligence reshapes the standards of the industry, organisations that have done the foundational data work will move faster, reason better, and serve their clients more precisely than those that have not. We intend to be among them.

“Data has been on our roadmap from the beginning — not as an IT topic, but as a strategic one. When I look at what Cartan Trade is building and where we want to be in five years, the question of who controls our data is inseparable from the question of what kind of company we become. Moody’s brings the depth and rigour to support that journey. This agreement means we can now build our next capabilities on a foundation we fully own and fully trust. That changes what we can offer our clients, and how fast we can get there.“
SÉBASTIEN GUIDONI · CEO, CARTAN TRADE

The move is consistent with Cartan Trade’s broader trajectory. Since entering its scale-up phase, the company has pursued growth with the discipline of a business that intends to be a consolidator, not a consolidated. That ambition requires more than commercial momentum. It requires infrastructure robust enough to carry weight as the business grows, and flexible enough to evolve as the market does. Data sovereignty is a precondition for both.

“What sets Cartan Trade apart is their conviction that data is not an IT function — it’s a competitive advantage. That’s a perspective we share deeply at Moody’s. By combining our extensive, trusted, decision-grade credit, company, and compliance data across ~600 million entities with Cartan Trade’s innovative underwriting platform, we’re helping enable a new standard in trade credit — one built on connected intelligence that is accurate, defensible, and acted upon in real time. This is an excellent example demonstrating Moody’s commitment to empowering insurers and insurtechs across Europe and Africa with the trusted data foundation they need to lead in an increasingly agentic world.”
DAN FLEMINGTON, MANAGING DIRECTOR – SALES, MOODY’S

For clients and broker partners across Cartan Trade’s markets in France, the UK, Benelux and Italy, this agreement reflects a disciplined step to strengthen the quality, consistency and control of the data that underpins our decisions. As the business scales, maintaining this level of control becomes essential to ensure decisions remain consistent, explainable and aligned across markets.



About Cartan Trade
Founded in 2022, Cartan Trade is a specialist trade credit insurance platform serving corporates and financial institutions. The company supports its clients in securing their commercial transactions in France and internationally through a comprehensive range of fully digital solutions. In four years, Cartan Trade has achieved average annual growth of around 30%, while building a profitable and well-disciplined portfolio. With recognised expertise in credit risk management and a scalable technology platform leveraging data and automation, the company combines disciplined underwriting, a strong performance culture, and innovation. Working with more than 70 broker partners, Cartan Trade supports nearly 450 companies across Europe and continues to expand with a clear ambition: to deliver reliable, modern, and sustainable trade credit insurance solutions that support the growth of its clients.

About Moody’s
In a world shaped by increasingly interconnected risks, Moody’s (NYSE: MCO) data, insights, and innovative technologies help customers develop a holistic view of their world and unlock opportunities. With a rich history of experience in global markets and a diverse workforce of approximately 16,000 across more than 40 countries, Moody’s gives customers the comprehensive perspective needed to act with confidence and thrive.
Visit Insurance Solutions at Moody’s to learn more and follow us on LinkedIn.


Cartan Trade Press Contact:
Emily NGUYEN, Cartan Trade: emily.nguyen@cartantrade.com
Moody’s Press Contact:
Kibui Pyron, Moody’s: kibui.pyron@moodys.com

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Press Area, Featured

Cartan Trade and Intact Insurance – partnership with ambitious growth plans across Europe

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7 April 2026

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Cartan Trade and Intact Insurance strengthen strategic partnership with ambitious growth plans across Europe

Trade Credit customers and brokers to benefit from Intact Insurance’s financial strength and Cartan Trade’s leading underwriting platform.

Cartan Trade, the specialist in trade credit insurance, today announced a major reinforcement of its strategic partnership with Intact Insurance, a global provider of property and casualty insurance. As part of Intact Insurance’s European growth strategy, the insurance carrier is now the majority shareholder in Cartan Trade.

Under this new agreement, effective May 1, Cartan Trade will officially become the dedicated underwriting platform for Intact Insurance’s trade credit insurance activities across Europe. This will enable Cartan Trade to offer solutions backed by the financial strength and AA- by Fitch rating of Intact Insurance, an asset particularly valued by banks and financial institutions seeking high-quality risk mitigation and reliable counterparties.

The agreement reflects strong confidence in Cartan Trade’s business model and growth potential.

Since its launch four years ago, Cartan Trade has demonstrated its ability to build a profitable portfolio, with consistent annual growth of around 30%. The company has developed recognised expertise in credit risk management for corporate and financial institutions, supported by a disciplined approach to risk and a scalable, data-driven technology platform.

“This transaction marks a major milestone for Cartan Trade and recognises the work achieved by our teams since the company’s launch,” said Sébastien Guidoni, Chief Executive Officer of Cartan Trade. “Intact Insurance shares our long-term vision and has confidence in our strategy. This agreement creates new synergies and new opportunities to gain market share in Europe. Intact Insurance will also benefit from Cartan Trade’s technology platform and innovation capabilities.”

For several years, Intact Insurance has been supporting and contributing to the growth of Cartan Trade, with an investment that has continued to strengthen over time. SCOR, through its fund SV One SAS, which has supported Cartan Trade since its early stages, will remain a shareholder and involved alongside the management team.

The partnership strengthens Cartan Trade’s financial position and enables it to support its clients over the long term, while preserving its entrepreneurial culture and agility.

The agreement will be implemented progressively, with a continued commitment to serving its clients and broker partners.

About Cartan Trade

Founded in 2022, Cartan Trade is a specialist trade credit insurance platform serving corporates and financial institutions.

The company supports its clients in securing their commercial transactions in France and internationally through a comprehensive range of fully digital solutions.

In four years, Cartan Trade has achieved average annual growth of around 30%, while building a profitable and well-disciplined portfolio. With recognised expertise in credit risk management and a scalable technology platform leveraging data and automation, the company combines disciplined underwriting, a strong performance culture and innovation.

Working with more than 70 broker partners, Cartan Trade supports nearly 450 companies across Europe and continues to expand with a clear ambition: to deliver reliable, modern and sustainable trade credit insurance solutions that support the growth of its clients.

About Intact Insurance

Intact Insurance is a member company of Intact Financial Corporation (TSX: IFC), a global provider of property and casualty insurance founded on core values and a belief that insurance is about people, not things. Intact’s success is fueled by its 32,000 employees worldwide who embody the company’s purpose: to help people, businesses and society prosper in good times and be resilient in bad times. To achieve its ambitions, Intact seeks to ensure customers are its advocates, its people are engaged and the company is one of the most respected.

Intact is the largest provider of property and casualty insurance in Canada and has successfully exported its strengths across North America, the UK and Europe. Its growing commercial and specialty solutions network now spans over 150 countries. With a customer-driven mindset, Intact has expanded its operations to include insurance distribution, restoration and prevention.

Intact solidifies its outperformance by leveraging its competitive advantages: global leadership in data and AI for pricing and risk selection; deep claims expertise and integrated supply chain network; and strong capital and investment management. Intact’s total annual operating Direct Premiums Written has tripled over the last decade to CAD $25 billion. Explore Intact’s offerings at https://www.intactfc.com/

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Market Study, Featured, Credit Insurance

Oil Market in 2026: Analysis and Key Watchpoints

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24 February 2026

- Category : Market Study, Featured, Credit Insurance

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The global oil market remains strategic for the real economy and for credit insurers’ portfolios, due to price volatility, potential defaults among intermediary players, and persistent geopolitical and financial risks. As 2026 approaches, the sector’s dynamics combine still-resilient demand, structural underinvestment in upstream activities, and an energy transition that is reshaping value chains.

1. Recent Market Developements

Since 2022, oil prices have fluctuated within a wide range, driven by supply shocks (sanctions on Russia, OPEC+ quotas, regional disruptions) and demand uncertainties (China, Europe). This volatility increases cash flow stress for independent refiners, distributors, traders, and SMEs in the oilfield services sector, whose margins are highly sensitive to sharp price swings and working capital financing requirements.

The relative stabilization observed in 2025 does not eliminate risk. The sector continues to face chronic underinvestment in exploration and production, which may lead to supply tightness phases and higher prices, while simultaneously making it more difficult for certain players to finance their transition or sustain productivity levels. This calls for heightened vigilance toward highly leveraged companies or those dependent on a single production basin.

2.Key Players and Risk Exposure

OPEC+

Mohammed bin Salman’s Saudi Arabia and Russia steer production quotas and influence global liquidity conditions. Sudden policy decisions may affect the solvency of refineries and distributors, particularly in emerging markets. Exposure to counterparties located in unstable jurisdictions should remain limited.


United States – Shale Producers

Growth among U.S. shale producers is constrained by regulatory and financial pressures. Ongoing consolidation entails risks related to:

◆ Rapid mergers and acquisitions,

◆ Still-fragile balance sheets among small and mid-sized producers.

Historically highly cyclical, these actors require quarterly financial monitoring to anticipate potential production declines or cash flow deterioration.

China and India – Demand Drivers
Demand from China and India directly impacts the health of global traders and logistics operators. A slowdown in China would likely increase default risks among petrochemical SMEs and import-export companies.


Oil Majors

Major oil companies present relatively low risk thanks to:

◆ Geographic diversification,
◆ Stronger balance sheets,
◆ Integration across more stable downstream segments (refined products, chemicals).
However, certain European majors such as Shell and BP are rebalancing their strategies and may reduce exposure to conventional oil, which could impact their subcontractors.

3. Defaults, Vulnerabilities, and Sector Risks

Supply Chain Risk

The oil industry depends on highly interconnected players: producers, transporters, refiners, wholesalers, and logistics operators. A disruption (sabotage, embargo, maritime attack) can trigger cascading defaults, particularly among undercapitalized companies.

Liquidity Risk

Traders and distributors face massive cash requirements. During periods of rapid price increases, financing needs surge; during price declines, inventories lose value. Such situations can lead to sudden failures, even among historically solid players.

Upstream Underinvestment

Underinvestment creates an environment of rising production costs, weakening smaller oil companies. Key watchpoints include:

◆ Debt levels,
◆ Refinancing capacity,
◆ Extraction and maintenance costs.

Energy Transition

Climate policies create stranded asset risk, especially for companies exposed to high-carbon reserves. Regulatory pressure may also restrict access to bank financing.

4. Key Watchpoints for 2026

◆ Extreme Volatile and Diverging Price Scenarios
 ➞ Likely increase in claims within international trading and among undercapitalized distributors.

◆ Rising Geopolitical Risk
➞ Red Sea, Strait of Hormuz, Iran–Saudi tensions: a logistical shock could rapidly trigger defaults among import-dependent players.

◆ Tighter Bank Credit Conditions
➞ Banks are reducing exposure to hydrocarbons, shifting greater risk toward credit insurers.

◆ Fragility of Oilfield Service SMEs
➞ Margin pressure, cost inflation, and increasing payment delays.

◆ Sector Concentration
➞ Large companies are becoming more resilient, while smaller firms are disappearing or remaining structurally vulnerable.

How Does Credit Insurance Protect Companies in the Oil Sector?

Absorbing the Effects of Volatility

Credit insurance mitigates the impact of volatility by protecting companies against sudden defaults triggered by external shocks that are neither foreseeable nor controllable. In the oil market, a rapid price correction or geopolitical escalation can turn a previously reliable counterparty into a defaulter within weeks.
Without credit insurance, such a reversal directly hits the supplier’s balance sheet. With credit insurance in place, the financial impact is transferred and contained, preserving liquidity and protecting margins.

Addressing Liquidity-Driven Failures

In the oil industry, bankruptcies rarely stem from a lack of activity. More often, they result from exploding cash requirements (cargo financing, margin calls), sudden withdrawal of bank facilities, or inventory devaluation following a price drop.

Credit insurance secures receivables in an environment where even operationally active companies can become insolvent due to funding shortages. It covers a structural cash-flow risk that is intrinsic to commodity trading and energy distribution.

Protecting Against Cascading Defaults in a Highly Interconnected Sector

The oil ecosystem is tightly interconnected: producer → transporter → trader → distributor → subcontractor. A supply disruption, sanction, or logistical bottleneck — particularly in high-risk corridors such as the Red Sea or the Strait of Hormuz — can trigger rapid chain reactions across the value chain.

Credit insurance acts as a financial firewall in an industry where defaults can be systemic and propagate quickly. It prevents an external shock from escalating into an internal liquidity crisis.

Compensating for Bank De-Risking

Banks are steadily reducing their exposure to hydrocarbons due to ESG constraints, capital requirements, and regulatory pressures. The consequence is a greater share of risk being borne directly by suppliers and commercial counterparties.

Credit insurance effectively substitutes part of the traditional banking safety net by securing trade receivables in a context where credit lines are shrinking. It becomes a tool for business continuity, enabling companies to maintain commercial flows despite tighter financing conditions.

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Press Area, Featured

Cartan Trade reorganises its shareholding structure to accelerate growth

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15 October 2025

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Cartan Trade announces a reorganisation of its shareholding structure and the completion of a €9 million capital raise to accelerate its technological and international development. This change in shareholding reflects renewed investor confidence in Cartan Trade’s potential and further strengthens the presence of major insurance players in its capital structure.

Cartan Trade is entering a new strategic phase, now backed by two key shareholders: SCOR, through its fund SV One SAS, and Intact Corporation financière (TSX : IFC), with the continued support of Bpifrance through its fund Large Venture. Quattro Holding, a founding shareholder instrumental in the creation of Cartan Trade, has sold its stake to Intact, the Canada’s largest general insurance provider, one of the world’s leading specialty insurance providers, and a leader in commercial insurance in the United Kingdom and Ireland.

Cartan Trade extends its gratitude to Quattro Holding for its support from the outset, which enabled the company to achieve key strategic milestones in its development, particularly through its expertise in IT architecture and the design of a comprehensive risk underwriting system.

“These developments mark a decisive milestone for Cartan Trade. With SCOR and Intact as our principal shareholders, we are entering a new acceleration phase to deliver on our roadmap, expand our capabilities, and further support the needs of our clients and broker partners”, said Sébastien Guidoni, CEO of Cartan Trade.

Cartan Trade positions itself as an alternative player in the credit insurance market, distinguished by its agile, simple, and innovative insurance solutions, tailored to every business need and designed to support the commercial growth of companies of all sizes.

Initially focused on SMEs, the company has successfully broadened its client base to include banks, financial institutions, mid-sized companies and large corporates, on which it now intends to capitalize on.

 

Sustained growth prospects and strong financial performance

Backed by solid growth prospects and a renewed governance structure, Cartan Trade expects to close 2025 with a 30% increase in premiums, reaching €40 million, while maintaining a controlled loss ratio ; a remarkable performance in the current economic climate and within an oligopolistic market. The company’s portfolio now includes 400 active policies and €12 billion in committed cover across a diversified range of sectors.

An ambitious geographic expansion strategy

Already present in France, the United Kingdom, the Benelux, and Italy, Cartan Trade continues its international expansion. Its next strategic priorities include the London Market, Spain, and Northern Europe, supported by strong, long-term partnerships with specialized brokers and the expertise of its underwriting teams.

“Tech” as a growth driver

In its scale-up phase, Cartan Trade is deploying an ambitious digital roadmap, integrating automation and digitalisation throughout the customer journey to enhance user experience and service quality. Future developments will focus on leveraging data and emerging technologies to build proprietary underwriting and risk monitoring tools, which form the cornerstone of performance for a modern credit-insurer.

 

 

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Half-Year Results: Cartan Trade on the Rise

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17 July 2025

- Category : Featured, Credit Insurance

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As of the end of June 2025, we’re excited to share the key figures and strong momentum Cartan Trade has achieved since the start of the year. With energy, ambition, and an unwavering commitment to innovation, Cartan Trade continues to challenge the status quo and unlock new opportunities

1. Strong Performance, Clear Progress
Compared to H1 2024, our performance has grown significantly:

◆ +26% growth in Gross Written Premium (GWP)
◆ All KPIs better than budget — revenue, loss ratio and EBITDA
◆ Improving quality of service with focus on arbitrage, claims and collection
◆ >500 claims managed since 2022

With a team of 31 employees, we’re proud to regularly welcome new, highly motivated talents who share one goal: support Cartan Trade’s growth and deliver exceptional value to both customers and brokers.

Three years in, Cartan Trade boasts a well-diversified portfolio — not only in product mix but also in customer profiles:

◆ 350+ customers
◆ Product mix: 40% Whole Turnover, 32% Top-Up, 28% Single Buyer
◆ Ability to manage significant portfolios with 300 credit limits per policy and more 
◆ €12 billion in total engaged exposure, with over 15,300 limits and a controlled loss ratio
◆ Quality of service remains central to our value proposition: <2 days respond time for credit limit requests from existing clients

Broker feedback:
Our first-ever broker satisfaction survey returned a promising score of 7.6/10, reinforcing our credibility and highlighting further opportunities to bring added value. Our business partners especially appreciate our capacity to deliver substantial cover, the strength of our offer, and our team’s responsiveness.

2. A Clear Strategy: Focused and Forward-Looking
Cartan Trade was founded on a clear conviction: to deliver additional capacity and digital based innovative solutions, that support business growth in an ever-changing world.

We currently operate through our broker network across Europe, addressing three core market segments:

◆ Traditonal Trade Credit Insurance (~50% of GWP): WTO and Top-Up solutions for companies of all sizes
◆ Finance Trade credit (25%): Solutions for banks and factors, supporting financing and capital relief, underpinned by the solid A+ rating of our paper
◆ Dedicated Solutions (25%): Tailored co-insurance programs, including (multi-)Single Buyer structures

Our ambition is to grow across all segments by deploying our capacity selectively and responsibly.

3. Our Value Proposition: Capacity, Tech, People
Cartan Trade is an independent credit insurance player, underwriting on behalf of Scor with a strong A+ (S&P), operating within a robust ecosystem of trusted partners, and backed by a diversified panel of Tier 1 reinsurers.

We offer pan-European coverage through our offices in France, the UK, Italy, and the Benelux.

Combining seasoned Trade Credit & Trade Finance experts with talent from the French tech sector, we’ve built a strong foundation to become a data-driven organization. We are actively deploying new technologies across the entire customer journey — accelerating service, securing operations, and enabling scalable growth.

Our Tech & AI initiatives are already in motion, enhancing speed, agility, and reliability across all touchpoints — reinforcing our long-term growth path.

In a fragmented and fast-changing world, new opportunities are constantly emerging — and agile players like Cartan Trade are uniquely positioned to seize them. We must continue to face reality, move decisively and strategically, and keep investing in our people.

Our fundamentals are strong. The momentum is real.
A heartfelt thank you to our teams, clients, brokers, reinsurers, and shareholders for their trust, commitment, and continued support.

Let’s keep building the future of trade — together.

 

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Press Area, Featured

Sébastien Guidoni: from finance to entrepreneurship, a vision in motion

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25 April 2025

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At the Helm: Sébastien Guidoni, a Leader with a Unique Background Shaped by Engineering, Finance, and International Experience
His journey is that of a man driven by challenges and impact.

A Distinctive Path Guided by Curiosity and Ambition

Originally from Corsica, Sébastien Guidoni has carved out an unconventional career path that reflects his bold and determined personality. From preparatory classes in Paris to Grenoble Institute of Technology, he nurtured a passion for solving complex problems:

“I loved understanding, breaking things down, improving them. Engineering was a natural fit for that.”
During his time as president of his school’s Junior Enterprise, he also discovered a strong interest in leadership and strategy.

After an initial experience at Altran, he took a calculated risk by moving into finance—despite the doubts of those around him. At AGF Bank and later at AXA, where he spent 13 years, he thrived across three continents—Europe, Africa, and South America—building expertise in managing high-stakes situations.

“I’ve always enjoyed operating in different, sometimes unpredictable environments. I encountered unique cultures, learned to anticipate issues, and to solve them effectively.”

Between surf sessions and nature getaways with his family, Sébastien developed a management approach that blends emotional intelligence with strategic foresight. It’s this combination that makes him a leader who can turn challenges into growth opportunities.


Cartan Trade: An Ambitious Venture

Back in France, after advising and helping structure the HR operations of another startup, Sébastien decided to fully commit to a high-potential project. He joined Cartan Trade in 2023 to support its transformation and quickly became CEO.

“Autonomy and creativity have always felt natural to me. Leading a startup is a constant challenge, but that’s exactly what drives me every day.”

Cartan Trade positions itself as an innovative player in trade credit insurance, bringing fresh capacity to a market long dominated by three major players. By combining traditional credit insurance with simple, modern, digital solutions, the company equips SMEs, mid-caps, and banks with practical tools to secure transactions and fuel growth.

Backed by prominent financial partners such as SV One SAS (SCOR Group), Bpifrance, Intact Financial Corporation, and Bpifrance Le Hub as its operational partner, Cartan Trade offers coverage against payment defaults while facilitating access to tailored financing. Within just two years, the company has doubled its revenues and established a presence in several European markets.


Structuring and Scaling Cartan Trade

When Sébastien Guidoni joined Cartan Trade, the company was undergoing a transformation.

“There was a clear need to strengthen the team in order to manage revenue growth and reduce cash burn. The transition was quick, but it felt natural—for me, for management, and for the investors.”
His mission was clear: to structure the company and redefine a winning strategy.

From day one in October 2023, he implemented strategic adjustments that restored confidence among teams and partners.
“It’s like joining a new team as a player—you have to quickly find your footing while bringing fresh energy.”
This repositioning stabilized Cartan Trade’s operations and fine-tuned its business model for accelerated growth.


A Market Vision Rooted in People and Technology

For Sébastien, credit insurance isn’t just about numbers and algorithms.

“We can disrupt this market, but not just through technology. What really makes the difference is people.”
He’s committed to building a team with diverse, complementary skill sets, where everyone contributes unique value.

That said, technology remains a core pillar of Cartan Trade’s model:
“Data helps us detect weak signals, anticipate risks, and deliver tailored solutions. Over the next 10 to 15 years, these signals will become even more critical.”


Tomorrow’s Challenges

Despite its impressive growth, Cartan Trade still faces major challenges:

“We need to build the right company culture, manage the scarcity of resources typical of startups, and most importantly, bring everyone along for the journey—teams, investors, partners.”

The tech challenge is equally vital:

“To go from €10 million to €30 million in revenue, our model has to scale. Within the next three years, we need to prove that scalability and reach breakeven so we can accelerate from there.”

Another key challenge is international expansion. While the company has already grown in France, Italy, and the Benelux, it’s aiming to widen its reach. This ambition relies on a dual strategy: controlled expansion and the ability to adapt to local economic realities.


The Ultimate Goal? Becoming a Market Leader

“Within 10 years, we want to be seen as a consolidator, not the consolidated. I’m setting the bar high—but I know my team can do it.”

Combining strategy, resilience, and long-term vision, Sébastien Guidoni continues to chart his path, ready to reshape an evolving industry—through innovation, collaboration, and a compelling ability to rally teams and partners behind a shared mission.


Please find the original interview in BPI Le HUB

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Featured, Press Area

Confirmation of Strategy, Appointments, and Acceleration at Cartan Trade

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28 March 2025

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Paris, March 14th, 2025 – At Cartan Trade’s office, our Board of Directors met to review our transformation and our ability to accelerate the deployment of our 3D strategy: Drive, Disrupt & Develop.

The Board members have validated our strategic directions and reaffirmed their confidence in our project. As part of this momentum, we are strengthening our leadership team with key appointments to accelerate our growth and successfully execute our strategy:

Florence TITIN-SNAIDER joins our team as Chief Business Officer, becoming part of Cartan Trade’s Executive Committee. With 15 years of experience in credit insurance in senior management roles and as an entrepreneur, Florence will bring her deep expertise in credit insurance contracts and processes to accelerate the development of our product and service offerings.

Olivier DAVID will join Cartan Trade on 17 March 2025 as Head of France. With 30 years of experience in financial and geopolitical risk insurance—including 19 years at Atradius in London and Paris as Special Products Director—Olivier will add significant value in driving both revenue growth and profitability in France and across the group. He will also become a member of Cartan Trade’s Executive Committee.

Vladimir MALENIC, who has been leading business development in France for nearly three years, will see his role evolve. He is expanding his commercial underwriting responsibilities as Chief Underwriting Officer and is joining the Underwriting Committee. He will contribute to structuring our underwriting processes across the organization, balancing growth ambitions with rigorous risk management.

Furthermore, we are evolving our risk underwriting department with the creation of two distinct regions to better address local requirements and enhance our efficiency:
Gaël UMANO becomes Head of Risk for the UK & Northern Europe, leveraging on his expertise to support our clients and strengthen our approach.

Hugo POINSOT expands his responsibilities to become Head of Risk for Southern Europe, overseeing all underwriting activities in this region.
With their strong technical skills and client-focused mindset, they will help address our clients’ needs while further structuring our underwriting activities.


These appointments strengthen our industry expertise and provide the necessary resources to achieve the ambitious targets set out in our 2025-2028 plan, focusing on the following priorities:
Expanding our “Core Trade Credit” pillar by offering WTO, Top-Up, and Single Risk solutions to mid-sized and large enterprises. We will differentiate ourselves through a simplified offering and a continuous focus on improving service quality.

Strengthening our presence with financial institutions, through our “Trade Finance” pillar, capitalizing on the strong momentum of European financial players and the growing needs of businesses.

Addressing more specialised challenges, through our “Dedicated Solutions” pillar, tailored to large corporate clients, syndications, or specific risk segments where we have strong expertise.

At the same time, we are accelerating our projects towards the integration of new technologies (AI, Machine Learning) to reduce costs, speed up data processing, and enhance our risk management capabilities.

To extend our congratulations to Florence, Olivier, Vladimir, Gael and Hugo, and wish them every success in their new roles.
To thank the entire team for Their dedication and commitment, which will be essential in achieving our growth objectives for 2025 and beyond. Together, we will drive our success and turn our ambitions into reality.

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