A Series B funding round led by Peak XV Partners (formerly Sequoia Capital India) will provide $60 Million in funding for Partior, a clearing and settlement network based on blockchain, with the support of JP Morgan, DBS, Temasek, and Standard Chartered. Other contributors include Jump Trading and Valar Capital.
The Singapore-based firm said it would use the new funding to grow its international network and on-ramp more currencies beyond USD, SGD, and EUR. These expansions will build its global presence and better establish its position in the blockchain-based financial services sector.
The funds will also be used to develop new capabilities, including intraday FX swaps, cross-currency repos, and programmable enterprise liquidity management. These enhancements will immensely improve Partior’s efficiency and functionality in clearing and settlement, making it more attractive for use by FIs worldwide.
What does Partior do?
Formed in 2021, Partior is the joint venture of DBS, JP Morgan, and Standard Chartered to establish unified interbank payment systems for immediate real-time clearing and settlement. Its blockchain network has been developed to allow all financial market participants, including banks and all payment service providers, to join the network and leverage leading technology to execute cross-border, multi-currency real-time transactions.
The blockchain network can interoperate with real-time local currency payment and gross settlement systems worldwide, facilitating direct and indirect settlement flows with market players. Partior can readily integrate with existing financial systems to provide an end-to-end solution for cross-border transactions.
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Clientele consist of Top Global Banks
Some major banks in the world’s leading financial markets are users of the Partior network: London, New York, Singapore, Frankfurt, and Hong Kong. Such wide adoption reflects the increased presence of the company and the trust placed by leading financial institutions in its technology. The company aims to transform worldwide money transfer and settlement amongst banks with blockchain technology. Partior seeks to change the way financial institutions process cross-border payments by breaking barriers of the traditional kind and allowing seamless transactions.
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Utilization of Fund Received
With its new funding and the strong backing of marquee investors, Partior is well-positioned to lead blockchain-based financial services. The expansion and development of its plans will make it more capable and appealing to drive further adoption among financial institutions. As Partior innovates further and grows, it will be intrinsic to the evolution of global economic systems—making cross-border transactions easier, faster, safer, and more efficient.
About the Author
Ms Akshita Siddhapura is a Business Analytics student at SCMS-B, passionate about finance and research. She has a keen interest in financial analysis and strategic growth, showing a strong commitment to business and finance.
