July 14, 2024: Partior, a block chain accelerated fintech firm has bagged over $60 million in a Series B funding to meet its goal of enhancing intraday FX swaps, cross-currency repos, programmable enterprise liquidity management, and just-in-time multi-bank payments. Furthermore, increase its global network growth and integrate additional currencies, Partior stated.
Partior is used by major banks in financial markets such as London, New York, Singapore, Frankfurt, and Hong Kong. Its users include DBS, JP Morgan, Standard Chartered, Siemens, and iFAST Financial.
Announcing this funding round 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.”
Founded in 2021, the block-chain based company, facilitates clearing and settlement over a unified ledger that eliminates the need for manual reconciliation, while ensuring full value transfer and real-time visibility of transaction status. The company eminated from Project Ubin—a collaboration between the Monetary Authority of Singapore and the financial services industry.
Partior upbeat about blockchain based transactions
“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,” said Humphrey Valenbreder, Chief Executive Officer, Partior.
The firm pursues to tackle industry inefficiencies such as settlement delays, limited transaction transparency, and high operating costs, also facilitate liquidity movement for financial institutions and their customers.
“Partior’s global unified ledger technology is pivotal in addressing existing industry challenges and has the potential to redefine how transactions are processed globally,” said Saurabh Sharma for Jump Trading Group.
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, and 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.
This investment round led by Peak XV Partners. New investors such as Valor Capital Group and Jump Trading Group and existing shareholders, including JP Morgan, Standard Chartered, and Temasek, also participated in the round.
