TLDR
- Partior, a blockchain settlement network backed by major banks, raised $60 million in Series B funding.
- The funding round was led by Peak XV Partners with support from Valor Capital Group and Jump Trading Group.
- Partior aims to facilitate real-time, cross-border, multi-currency clearing and settlement for financial institutions.
- The funds will be used to expand Partior’s network and add support for more currencies.
- Partior was founded in 2021 by JP Morgan, DBS, and Temasek in Singapore.
Partior, a blockchain-based settlement network, has successfully raised $60 million in a Series B funding round. The Singapore-based company, founded in 2021 by JP Morgan, DBS Bank, and Temasek, aims to transform the way banks handle cross-border payments and settlements.
The funding round was led by Peak XV Partners, formerly known as Sequoia Capital India & SEA. New investors Valor Capital Group and Jump Trading Group also participated, along with continued support from existing shareholders JP Morgan, Standard Chartered, and Temasek.
Partior’s technology uses blockchain to create a “global unified ledger” that allows banks and payment service providers to clear and settle transactions across borders in real-time.
This system aims to reduce the friction and delays often associated with traditional cross-border payments and foreign exchange settlements.
Currently, Partior’s platform is being used by major banks in financial hubs such as London, New York, Singapore, Frankfurt, and Hong Kong.
The company reports that it is already processing transactions for several firms, including its founding members JP Morgan and DBS, as well as Standard Chartered, which joined as a shareholder in 2022.
The fresh injection of capital will be used to expand Partior’s international network and add support for new currencies.
While the platform currently supports US dollars, euros, and Singapore dollars, Partior plans to integrate additional currencies such as UAE dirhams, Australian dollars, Brazilian reals, Canadian dollars, Chinese yuan, British pounds, Japanese yen, Malaysian ringgit, Qatari riyals, and Saudi riyals.
In addition to expanding its currency offerings, Partior aims to develop new capabilities for its platform. These include intraday foreign exchange swaps, cross-currency repos, programmable enterprise liquidity management, and just-in-time multi-bank payments.
These features are designed to provide more flexible and efficient options for financial institutions using the platform.
Shailendra Singh, Managing Director at Peak XV, expressed excitement about the investment, stating,
“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 catalyze change in this industry.”
Pradyumna Agrawal, Managing Director of Investment (Blockchain) at Temasek, one of Partior’s founding shareholders, also commented on the funding round.
He noted that the investment “is a testament to the incredible progress Partior has made” and expressed enthusiasm about welcoming new investors to support Partior’s mission.
