RedCloud takes open commerce tech from Cambridge to the world – potentially via Nasdaq
Redcloud Technology, founded at Plextek’s campus in Gt Chesterford, was started by serial innovators Ian Murphy and Justin Floyd. The venture has revolutionised retail across multi-lingual territories from Africa to South America via RedCloud’s rapidly growing B2B commerce network.
One of the world’s fastest growing B2B commerce platforms, RedCloud – expected to float in New York on a timescale as yet unspecified – is already connected to hundreds of trusted brands and distributors, including Guinness.
Demand for FMCG products has been growing exponentially worldwide while the supply chain only became more inefficient. Outdated processes and a lack of market data continue to make trading tough for brands, distributors and retailers.
Hence RedCloud – acting on the premise that B2B commerce simply wasn’t cutting it in the world of trade – was born.
Regardless of language barriers across so many global territories, companies trying to access cost-effective but quality brands and competitive prices can use RedCloud’s platform which boasts powerful AI insights.
The business now covers clients in North and South America, Nigeria and South Arica and is broadening its influence. That trend in countries like Brazil and Argentina is likely to continue as retailers look for quality, cost-effective options to duck Trump’s tariffs.
RedCloud online reports that $2.9 billion of FMCG goods were traded from 2022 to the end of September 2024. Its platform now has 25,000 active retailers signed up, 6,000 FMCG brands listed and more than 500 trading distributors.
No cash changes hands thanks to the RedCloud platform. Those unfamiliar with the business can read testimonials on the company’s website reflecting traders in fast growing products which are now entering previously untapped territories.
Through RedCloud, destined to sport the RCT ticker on Nasdaq, retailers now benefit from access to thousands of SKUs from hundreds of brands, available at their own convenience on a handy mobile app. For the uninitiated, a stock-keeping unit (SKU) is a scannable code to help vendors track inventory.
FMCG brands on RedCloud understand the market in real-time and connect to an online network of hundreds of distributors and thousands of retailers regardless of language and cultural differences and geographical boundaries.
The FMCG industry needed a fairer, transparent and technologically robust trading system that unlocked supply chains and empowered businesses which is exactly what the founders clearly set out to create and deploy.
They vetted lots of different markets for the core technology and the platform is especially ideal as it eliminates the need to carry and deal in cash. In some countries, carrying cash can even get you murdered. Businesses in some territories do not even have bank accounts.
Creating the RedCloud platform seemed logical and potentially highly useful; demand will be borne out in spades whether or not the proposed IPO proceeds.
In the previous year before the most recent high of $2.9bn in annual transactions the platform was used for $1bn of trade: Almost a three-fold increase in business in a little over 12 months is some progress.
Murphy, incidentally, is also a co-founder of Cambridge based Monumo, the Cambridge company reinventing electric motors which is raising a Series A round.
• The founders are prohibited by Nasdaq rules from commenting until AFTER the business has floated but you can get more details on RedCloud Technology, its origins and potential, via the website.
