BTL Group raises C$15.3m through brokered, non-brokered private placement

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fintech insurtech wealthtech regtech ai cybertech esg news

Blockchain platform BTL Group has raised C$15.3m ($12m) in brokered and non-brokered placements.

The company’s new proceeds were split between two sales. BTL secured C10.7m ($8.4m) through its brokered private placement. Through this offering the company sold 2.1 million equity shares for sale at C$4.90. Its remaining capital was raised through the non-brokered private placement, with 9,38,774 shares being sold for C$4.90, totalling C4.6m ($3.6m).

Canada and UK-based BTL is a blockchain platform which helps to reduce risks and costs by streamlining existing IT infrastructures. The company’s Interbit product uses a suite of APIs and smart contracts to improve trading and operations efficiency, accelerate internal system development and accept new revenue generating opportunities. While the platform offers this, it also provides high levels of security, resilience and auditability.

This platform is used by a range of industries including: financial services, energy, registry and gaming.

With this line of capital BTL will build on its technical team, as well as boost sales and marketing efforts before the product launch set for early next year.

BTL CEO Dominic McCann said, “As we have proven throughout this year in our customer journeys, Interbit™ meets the requirements of industry via its scalability and privacy, with the platform using its multiple connected blockchains, aiming to handle hundreds of thousands of transactions per second. Our plan is to deliver a product that will be relevant in many years to come, as we envisage widespread enterprise adoption of blockchain technology.”

Last week, CyberMiles, a blockchain solution for business transactions, closed its ICO on nearly $30m. The solution helps to facilitate and process transactions through the use of smart contracts, while helping to encrypt user identity and credit history.

The blockchain sector has seen a huge rise in funding over the year. The third quarter of 2017 raised more than four-times as much as the opening quarter, but across five less deals.

Copyright © 2017 FinTech Global

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