Blockchain-based clearing and settlement network Partior, backed by JP Morgan, DBS, Temasek, and Standard Chartered, has raised $60 million in a Series B funding round led by Peak XV Partners (formerly Sequoia Capital India).
Jump Trading and Valar Capital also participated in the funding round.
Partior, based in Singapore, will use the new funds to expand its international network and integrate more currencies. Currently, the network operates with the US dollar, Singapore dollar, and euro.
Additionally, the funds will help develop new features, including intraday FX swaps, cross-currency repos, and programmable enterprise liquidity management.
“Partior is breaking down silos and rewriting the rules for cross-border clearing and settlement. 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,” said Humphrey Valenbreder, chief executive officer, Partior.
Founded in 2021, the startup is a joint venture between DBS, JP Morgan, and Standard Chartered. It aims to create unified interbank payment systems for immediate clearing and settlement. Financial market participants, including banks and payment service providers, can join its network to access real-time, cross-border, multi-currency clearing and settlement.
The company’s blockchain network can work globally with real-time local currency payment and gross settlement (RTGS) systems. This allows both direct and indirect settlement flows with market players.
Major banks in financial markets such as London, New York, Singapore, Frankfurt, and Hong Kong use Partior.
“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 catalyze change in this industry,” said Shailendra Singh, managing director of Peak XV.
