Blockchain-based firm backed by Temasek and DBS secures new funding in Series B
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Deutsche Bank has joined Partior's Series B funding round as a strategic investor.
PHOTO ILLUSTRATION: PIXABAY
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SINGAPORE - A blockchain-based fintech firm that counts DBS Bank and Singapore investment firm Temasek among its founding backers has secured new funding, bringing the total investment to US$80 million (S$107.5 million).
Singapore-based Partior, which uses blockchain for real-time clearing and settlement, said on Nov 27 that Deutsche Bank has joined its Series B funding round as a strategic investor.
The fresh capital injection will be used to strengthen Partior’s global reach, scale its cross-border capability, as well as develop and enhance innovative functions like intraday foreign exchange swaps, among other things.
Deutsche Bank will join Partior’s platform as a euro and US dollar settlement bank.
The move complements the German bank’s recent launch of dbX, which is a next-generation correspondent banking ecosystem.
Partior’s announcement marks the close of the second round in the firm’s Series B funding.
The first round of Series B funding, which closed in mid-July, was led by venture capital firm Peak XV Partners, formerly known as Sequoia Capital India and South-east Asia.
Temasek, Standard Chartered, JP Morgan, trading company Jump Trading Group and investment firm Valor Capital Group had also participated in the July round.
Mr Humphrey Valenbreder, chief executive of Partior, said the new support will help the firm to step up its vision to deliver seamless, secure and instant cross-border transactions for financial institutions worldwide.
“We are also proud to announce that we have now processed over US$1 billion in value worth of transactions, marking a significant milestone in our journey and the growing industry belief in our platform,” he added.
Ms Patricia Sullivan, Deutsche’s global head for institutional cash management, said the payments business is now undergoing an extensive period of disruption, largely due to the rapid advancement of technology and demand for greater financial inclusion and transparency.
Partior was set up in 2021 by DBS Bank, JP Morgan and Temasek through the Monetary Authority of Singapore’s Project Ubin initiative, which explored the use of blockchain.
The firm simplifies the clearing and settlement process for global financial market participants, including banks and payment service providers.
Its blockchain-based network removes the need for intermediaries and addresses longstanding industry inefficiencies in transactions, including settlement delays, limited transparency and high operating costs.
