Singapore-based fintech company Partior has secured $60m in a Series B round, led by India-based capital market company Peak XV Partners, to advance real-time clearing and settlement.
New investors Valor Capital Group and Jump Trading Group joined the funding round, alongside existing shareholders JP Morgan, Standard Chartered and Temasek.
Partior intends to use the funds to advance its Intraday FX swaps, Cross-currency repos, Programmable Enterprise Liquidity Management, and Just-in-Time multi-bank payments.
The company also aims to expand its network and integrate new currencies, including AED, AUD, BRL, CAD, CNH, GBP, JPY, MYR, QAR, and SAR, into its network.
Partior CEO Humphrey Valenbreder said: “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.”
Temasek Investment (Blockchain) managing director Pradyumna Agrawal said: “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.
“This latest round of investment is a testament to the incredible progress Partior has made towards this endeavour.”
According to the company, traditional cross-border payments face several challenges.
The challenges include delays, high costs, lack of transparency on timings, multiple intermediaries, variable processing speeds, and differing compliance standards.
In addition, FX settlements also face inefficiencies due to legacy infrastructure and manual processes, obstructing the real-time settlement of foreign exchange transactions.
Ineffective payment and forex processes increase operational costs for corporate and financial institutions and pose risks such as delays and settlement failures, said the company.
Partior said that its unified ledger allows banks, payment service providers, and others to join its network, providing real-time, cross-border, multi-currency clearing and settlement.
Its blockchain network can interoperate with real-time local currency payment and RTGS systems worldwide and facilitates both direct and indirect settlement flows.
Also, its shared ledger ensures transfers with real-time settlement finality, providing instant liquidity and transparency, and mitigating drawbacks of sequential processing, said Partior.
