January 22, 2024

Covantis continues strong growth in 2023

Covantis, a leading platform in the grains and oilseeds industry, has announced it strong performance in 2023, marking another year of significant growth and achievement.

The platform's latest market statistics for last year demonstrate remarkable progress and highlight its continued impact on the global agricultural trade industry.

In 2023, Covantis captured 719 million metric tonnes of volume executed through its platform, representing a substantial increase compared to the previous year. This signifies a year-on-year growth of 37%, showcasing the platform's increasing relevance and influence in the market.

Notably, Covantis played a pivotal role in facilitating exports for major grains and oilseeds producing countries. Last year, 76% of Brazil's exports, 53% of the United States' exports, 34% of Canada's exports and 51% of Argentina's grain exports were executed through the Covantis platform, based on export data from local trade associations and agents.

Meanwhile, Covantis continues to invest in platform development and new features last year, further enhancing efficiency and reducing risk for its clients.

On the 5,500 vessels executed on the platform, 200,000 messages and documents were exchanged, marking an uplift of 80% compared to the previous year. The platform's document capabilities also saw strong adoption in 2023, with a 300% growth. More than 4,000 documentary instructions were exchanged and equally extensive amount of document reviews and approvals were completed, highlighting the industry's objective to digitalise documents processes.

Furthermore, Covantis witnessed substantial growth in its active participants, with the number of legal entities and teams engaged in the platform increasing from 130 to 180. This diverse group of entities and teams now has a global presence, reinforcing Covantis' commitment to support trading companies worldwide to modernise their trade execution processes and work more efficiently.

"Becoming a truly global platform for post-trade processes requires more than just technology – it demands a strategic vision and hard work to transform the challenges into opportunities," said Petya Sechanova, chief executive officer of Covantis. "Covantis platform isn't just a solution; it's a gateway to a collaborative future, connecting participants, driving efficiencies, speeding up the processes, thus paving a way for further digital innovation opportunities. We set a target to become a global platform for post-trade processes of agricultural commodities in five years since our launch. I am very pleased to see the remarkable growth we achieved in 2023 and excited about the new commodity and market expansions as well as new product capabilities we will be releasing in 2024."

- Covantis