Partior, a pioneering cross-border payments and settlement blockchain company, has successfully raised nearly $60 million in a Series B funding round. The round was led by Peak XV Partners, with additional investments from Valor Capital Group and Jump Trading Group. Existing shareholders such as JP Morgan, Standard Chartered, and Temasek also participated in the round.
Series B represents the third stage of startup funding, following the initial seed round and Series A funding.
Singapore-based Partior is being utilized by prominent banks like DBS, JP Morgan, and Standard Chartered to facilitate payments for their clientele. The platform has been adopted by companies including Siemens and iFAST Financial through Standard Chartered, providing better access and control of working capital, 24/7 availability, and more seamless payment flows.
This new influx of capital will drive the advancement of new capabilities such as Intraday FX swaps, Cross-currency repos, Programmable Enterprise Liquidity Management, and Just-in-Time multi-bank payments. The investment is poised to significantly bolster Partior’s international network expansion and the integration of additional currencies. Currently, Partior supports USD, EUR, and SGD.
“We see a very bright future for blockchain-based frictionless, cross-border transactions,” said Humphrey Valenbreder, Chief Executive Officer of Partior. “Having some of the world’s best banks and investors back our vision validates this even further.”
Traditional cross-border payments are riddled with challenges, including delays, high costs, lack of transparency, multiple intermediaries, variable processing speeds, and differing compliance standards across correspondent banks. Similarly, foreign exchange (FX) settlement inefficiencies persist due to reliance on legacy infrastructure and manual processes, limiting real-time settlement of FX transactions. These inefficiencies result in higher operational costs and risks, including delays and settlement failures.
Partior’s global unified ledger allows financial market participants, including banks and payment service providers, to join its network for real-time, cross-border, multi-currency clearing and settlement.
According to a report by the Bank for International Settlements (BIS), existing correspondent banking processes struggle to adapt to new regulatory and supervisory requirements. The tokenization of correspondent banking could unlock streamlined pre-screening and atomic settlement, paving the way for superior customer verification and anti-money laundering (AML) procedures. Partior aims 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.
Shailendra Singh, Managing Director of Peak XV, highlighted Partior’s ambition to transform global money transfer and settlement among banks, stating, “It’s a unique approach where multiple banks have come together to catalyse change in this industry.”
Dan Schulman, Managing Partner at Valor Capital Group, praised Partior’s platform, saying, “Partior 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.”
Saurabh Sharma from Jump Trading Group added, “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 are proud to be part of this journey and we look forward to collaborating with Partior as they continue to innovate and expand their footprint.”