JPMorgan-Backed Partior Secures $60 Million in Series B Funding

Partior Secures $60 Million to Streamline Cross-Border Payments with Blockchain Technology

Partior, a Singapore-based fintech company backed by financial giants like JP Morgan, Standard Chartered, and Temasek, has secured $60 million in a Series B funding round. This significant investment, announced on July 12th, will fuel the company’s mission to revolutionize cross-border payments and settlements using blockchain technology.

The funds raised will be directed towards the development of Partior’s core offering: a global unified ledger. This blockchain-powered platform acts as a bridge, facilitating real-time, cross-border, and multi-currency clearing and settlement for financial institutions like banks and payment service providers.

In simpler terms, Partior’s technology aims to eliminate the friction and delays that often plague international transactions.

Partior outlines plans to leverage the fresh investment to add a suite of new functionalities to its platform. These include:

Intraday FX Swaps: This will allow for real-time foreign exchange swaps within the trading day, streamlining currency conversions.

Cross-Currency Repos: This enables secure short-term borrowing and lending between financial institutions using different currencies.

Programmable Enterprise Liquidity Management: This empowers businesses to automate their liquidity management processes, optimizing cash flow.

Just-in-Time Multi-Bank Payments: This facilitates efficient, real-time payments across multiple banks, eliminating delays associated with traditional settlement methods.

The funding will also fuel Partior’s international expansion strategy. The company plans to integrate support for a wider range of currencies, including AED, AUD, BRL, CAD, CNH, GBP, JPY, MYR, QAR, and SAR. Currently, Partior operates with USD, EUR, and SGD. This broader currency support will cater to a more diverse clientele and facilitate transactions across a wider geographical scope.

Partior was established in Singapore in 2021 with a shared vision from industry leaders like JP Morgan, DBS, and Sematek. Their goal: to streamline cross-border payments, trade transactions, and foreign exchange settlements—a testament to their commitment to financial innovation.

Peak XV Partners Takes the Lead

The recent funding round was led by Peak XV Partners, a venture capital firm spun out of Sequoia Capital in 2023. This move aligns with Sequoia’s focus on decentralization and empowers Peak XV to focus on opportunities in the Indian and Southeast Asian markets.

Shailendra Singh, Managing Director at Peak XV, expressed enthusiasm about Partior’s potential, stating in a company blog post:

“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 catalyse 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.”

Partior’s successful funding round signifies growing momentum in the adoption of blockchain technology for financial services. With its innovative approach and backing from industry heavyweights, Partior is poised to play a significant role in shaping the future of cross-border payments, making them faster, cheaper, and more secure for businesses and individuals alike.

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.