Partior, a blockchain-based payment network backed by financial giants JPMorgan Chase, DBS Bank, and Standard Chartered, has successfully closed a Series B funding round exceeding $60 million. The round was led by Peak XV Partners, formerly Sequoia Capital India & SEA, with participation from new investors Valor Capital Group and Jump Trading Group. Existing shareholders, including the founding members and Temasek, also participated.
Partior’s focus is revolutionizing global money transfer and settlement for banks. This innovative approach leverages blockchain technology to create a unified ledger system, eliminating the need for manual reconciliation and ensuring real-time transaction visibility.
“Partior represents an ambitious undertaking to transform how banks handle cross-border payments,” said Shailendra Singh, Managing Director at Peak XV Partners. “This collaborative effort has the potential to significantly impact the financial industry.”
The fresh capital injection will fuel Partior’s development of its core offering – a ledger-based interbank network enabling real-time clearing and settlement. The roadmap includes features like intraday foreign exchange (FX) swaps, integration of additional currencies, and just-in-time multi-bank payments.
Founded in 2021 with the backing of the Monetary Authority of Singapore, Partior has gained traction within the financial sector. DBS, JPMorgan Chase, and Standard Chartered are already utilizing Partior’s network to facilitate payments for their clients, including Siemens and iFAST Financial. Currently, the network supports transactions in USD, EUR, and SGD.
“Partior is eliminating inefficiencies and fundamentally changing the way cross-border settlements are conducted,” said Partior CEO Humphrey Valenbreder. “The support from leading banks and investors validates our vision for a frictionless, blockchain-powered future for international transactions.”
Traditional cross-border payments are plagued by issues like delays, high costs, and a lack of transparency. Partior’s blockchain solution aims to address these challenges by offering a tokenized, 24/7 real-time platform for multi-currency clearing and settlement. This interoperable network seamlessly integrates with local currency payment systems and digital asset platforms, providing a superior alternative to legacy systems.
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“Having spent years working on improving global payments, I recognize the critical need for modernizing cross-border infrastructure,” commented Dan Schulman, Managing Partner at Valor Capital Group. “Partior has the potential to be a transformative force in this area.”
Partior’s blockchain network represents a significant step towards a more efficient and transparent global financial landscape.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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