“We see a very bright future for blockchain-based frictionless, cross-border transactions,” said Humphrey Valenbreder, chief executive officer, Partior.
Partior, a fintech company, announced the first close of a $60 million Series B round led by Peak XV Partners and supported by Valor Capital Group and Jump Trading Group as new investors, and J.P. Morgan, Standard Chartered, and Temasek as existing shareholders.
DBS, J.P. Morgan, and Standard Chartered are using Partior to facilitate payments for their customers. Companies including Siemens and iFAST Financial have used Partior’s platform through Standard Chartered for better access and control of their working capital, 24×7 availability, and faster, more seamless payment flows.
This new round of funding will enable the advancement of new capabilities like intraday FX swaps, cross-currency repos, programmable enterprise liquidity management, and just-in-time multi-bank payments. The investment will significantly support Partior’s international network growth and the integration of additional currencies, including AED, AUD, BRL, CAD, CNH, GBP, JPY, MYR, QAR, and SAR, into its network. Partior is currently live with USD, EUR, and SGD.
“We see a very bright future for blockchain-based frictionless, cross-border transactions,” said Humphrey Valenbreder, chief executive officer, Partior. “Having some of the world’s best banks and investors back our vision validates this even further.”
The journey of traditional cross-border payments faces several challenges. These include delays, high costs, lack of transparency on timings, multiple intermediaries, variable processing speeds, and differing compliance standards across correspondent banks.
Partior’s global unified ledger enables global financial market participants, including banks and payment service providers, to join its network and access real-time, cross-border, multi-currency clearing and settlement.
According to a report by BIS (Bank for International Settlements), existing correspondent banking processes have struggled to adapt to new regulatory and supervisory requirements. The tokenisation of correspondent banking could unlock streamlined pre-screening and atomic settlement. This could pave the way for superior customer verification and anti-money laundering (AML) procedures. Partior is working to unify global liquidity by interlinking digital asset platforms with its next-generation settlement technology.
“As one of the founding shareholders of Partior, we’ve always believed in the transformative potential of its technology to shape global financial market infrastructure,” said Pradyumna Agrawal, managing director, investment (blockchain), Temasek. “This latest round of investment is a testament to the incredible progress Partior has made towards this endeavour.”
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.”
Dan Schulman, managing partner at Valor Capital Group, said that Partior platform’s capability to streamline cross-border payments and FX settlement introduces new standards for global, real-time clearing and settlement. “It also aligns with our vision of pushing the boundaries of innovation in financial services with blockchain technology,” said Schulman.
“Partior’s global unified ledger technology is pivotal in addressing existing industry challenges and has the potential to redefine how transactions are processed globally. We are proud to be part of this journey and we look forward to collaborating with Partior as they continue to innovate and expand their footprint,” said Saurabh Sharma for Jump Trading Group.
First Published: Jul 12 2024 | 4:11 PM IST
