In a significant move set to reshape the landscape of global payments, Partior, the blockchain payment fintech, has announced the successful closure of its Series B funding round, amassing more than $60 million. The round was spearheaded by Peak XV Partners (formerly Sequoia Capital India & SEA), with participation from new investors Valor Capital and Jump Trading. Existing heavyweights JPMorgan, Standard Chartered, and Temasek also contributed, according to a statement released by Partior on Friday.
Shailendra Singh, Managing Director of Peak XV Partners, hailed Partior’s innovative approach, describing it as an extremely ambitious attempt to transform global money transfer and settlement amongst banks.He emphasized the collaborative effort among multiple banks driving change within the industry.
The freshly secured funds are earmarked to bolster Partior’s development of ledger-based interbank rails dedicated to real-time clearing and settlement. This initiative includes the introduction of new functionalities such as intraday FX swaps, expanded currency integrations, and just-in-time multi-bank payments.
Founded in 2021 by JPMorgan, DBS, and Temasek, and bolstered by the Monetary Authority of Singapore, Partior gained further momentum in 2022 with Standard Chartered joining as a founding shareholder in the blockchain technology provider. Already, clients of DBS, JPMorgan, and Standard Chartered, including prominent names like Siemens and iFAST Financial, are leveraging Partior’s network for seamless payments denominated in USD, EUR, and SGD.
Partior’s CEO, Humphrey Valenbreder, emphasized the platform’s role in dismantling traditional barriers in cross-border transactions, citing inefficiencies such as delays, high costs, and opacity stemming from multiple intermediaries and varying compliance standards. Valenbreder underscored the transformative potential of blockchain-based solutions in achieving frictionless, cross-border transactions.
Dan Schulman, Managing Partner at Valor Capital Group, expressed confidence in Partior’s vision, noting its potential to modernize global payments infrastructure significantly. Schulman highlighted his belief in Partior’s ability to tackle the longstanding challenges of cross-border payments and settlements.
At its core, Partior’s blockchain network aims to deliver a tokenized, 24/7 real-time solution for multi-currency clearing and settlement, designed to seamlessly integrate with local currency payment systems and digital asset platforms. This strategic approach positions Partior to address the shortcomings of traditional payment mechanisms, paving the way for a future marked by enhanced efficiency and accessibility in global finance.
