Partior, a Singapore-based fintech company, has announced the first close of a $60 million+ Series B round led by Peak XV Partners.
Partior said in a statement on Monday that the funding round is also supported by Valor Capital Group and participated by Jump Trading Group as new investors, and J.P. Morgan, Standard Chartered and Temasek as existing shareholders.
With continued support from its founding shareholders, DBS, J.P. Morgan, Standard Chartered and Temasek, Partior said its commitment to enhancing current financial market infrastructure and improving financial connectivity worldwide is stronger than ever.
According to the statement, 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.
It is noted that Partior is currently live with USD, EUR and SGD.
“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.
Partior is a fintech company with global unified ledger-based interbank rails for real-time clearing and settlement.
Founded in 2021, the firm is an independent company that grew from the Project Ubin collaboration backed by the Monetary Authority of Singapore.
Its founding shareholders include DBS, J.P. Morgan, Standard Chartered and Temasek.
Partior is addressing the operating inefficiencies experienced by industry players, including settlement delays, limited transaction transparency and high operating costs, and facilitating the movement of liquidity for financial institutions and their customers.
Its network offers real-time, cross-border multi-currency payments, and Payments versus Payments (PvP) settlement.
Additionally, it is exploring new services including Intra-day swaps, Delivery versus Payments (DvP) settlement and enterprise solutions.
It is noted that DBS, J.P. Morgan and Standard Chartered are using Partior to facilitate payments for their customers.
Companies including Siemens and iFAST Financial have also used Partior’s platform through Standard Chartered for controlling of their working capital.
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.
Its 24×7 blockchain network can interoperate with real-time local currency payment and RTGS systems globally, and facilitates both direct and indirect settlement flows with market players.
Its shared ledger also enables transfers with real-time settlement finality that offers instant liquidity and transparency, and overcomes shortcomings associated with sequential processing in legacy payment systems.
Partior is also 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 endeavor,
“We look forward to welcoming new investors and financial institutions to Partior and jointly supporting Partior in their mission to create a more seamless and efficient financial ecosystem worldwide,” he added.
Meanwhile, Shailendra Singh, Managing Director of Peak XV, said that 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,
“We couldn’t be more excited to join DBS, J.P. Morgan, Standard Chartered and Temasek, as co-shareholders in this journey,” he added.
Dan Schulman, Managing Partner at Valor Capital Group, said that he sees tremendous potential in Partior.
“Their 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,” he added.
He believes the firm can play a crucial role in the company’s next growth stage.
Saurabh Sharma for Jump Trading Group also said 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 look forward to collaborating with Partior as they continue to innovate and expand their footprint,” he added.
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