Partior, a FinTech innovator specializing in blockchain-based clearing and settlement, has recently announced a significant milestone in their funding journey.
The company successfully closed the first part of their Series B funding round, raising over $60 million. This round was led by Peak XV Partners, with additional backing from new investors Valor Capital Group and Jump Trading Group. Existing stakeholders such as J.P. Morgan, Standard Chartered, and Temasek also participated, reaffirming their ongoing support.
Partior is at the forefront of revolutionizing financial market infrastructures with its unified ledger technology. The platform enables banks and financial institutions to execute real-time, cross-border transactions in multiple currencies. Currently operational with USD, EUR, and SGD, Partior plans to expand its offerings to include JPY, AED, BRL, and other currencies soon.
The newly acquired funds are earmarked for several ambitious projects. Partior intends to develop capabilities for intraday FX swaps, cross-currency repos, and programmable enterprise liquidity management, among others. These advancements aim to enhance the efficiency of global payment systems and foster just-in-time multi-bank payments.
Partior’s initiative is also recognized as a potential game-changer for the industry. According to the Bank for International Settlements, modernizing correspondent banking through blockchain could significantly improve pre-screening and settlement processes, enhancing customer verification and anti-money laundering measures.
Humphrey Valenbreder, Chief Executive Officer of Partior, said, “Partior is breaking down silos and rewriting the rules for cross-border clearing and settlement. We see a very bright future for blockchain based frictionless, cross-border transactions. Having some of the world’s best banks and investors back our vision validates this even further.”
Shailendra Singh, Managing Director, Peak XV, said, “Partior is an extremely ambitious attempt to transform global money transfer and settlement amongst banks. It’s a unique approach where multiple banks have come together to catalyse change in this industry. We couldn’t be more excited to join DBS, J.P. Morgan, Standard Chartered and Temasek, as co-shareholders in this journey.”
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
