Baton Systems, a provider of distributed ledger-based post-trade solutions for capital markets, has scored $4m in a new funding round.
The round was led by Illuminate Financial Management.
With this fresh capital, Baton Systems has raised a total of $16m in equity from investors including Y Ventures, Alsop Louie and Commerce Ventures.
Baton plans to use the capital to accelerate its global rollout, with a particular focus on the EMEA.
The FinTech offers distributed ledger-based technology which support on-demand payments, removing the need of capital-intensive pre-funding of marking requirements. Users can use the solution to move real assets in bank accounts more securely and without the need of digital conversion.
Its technology integrates with financial institutions’ existing collateral and cash systems.
Baton Systems CEO and founder Arjun Jayaram said, “Baton was created to solve inefficiencies in global payments systems, and we’ve made great progress working through the structural challenges the industry faces.
“An increasing number of banks and clearing houses are realizing that a fast, standardized, and immutable approach to transferring assets is the only viable path forward. The confidence shown by an industry focused investor such as Illuminate Financial along with our existing stakeholders is further validation of our vision for a streamlined and efficient settlement model.”
Baton closed a $12m Series A late last year.
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