Blockchain payment network developer, Partior, secures $60 million in Series B funding for continued expansion and development

Partior, a blockchain-based payment network, has announced the successful completion of a Series B funding round, securing $60 million in investments. The round was led by Peak XV Partners, with participation from Valor Capital Group, Jump Trading Group, JPMorgan, Standard Chartered, and Temasek.

The joint venture between JPMorgan, DBS, and Standard Chartered aims to address challenges in traditional cross-border payment systems. The company's network, a unified blockchain-based interbank payment rail, provides instant clearing and settlement capabilities.

Toby Verghese, CEO of Partior, expressed his satisfaction with the successful completion of cross-border transactions between Hong Kong and Singapore via the Partior network in May 2024. The onboarding of Standard Chartered expands Partior's network, as it was a part of Project Ubin, a Singapore government-incubated startup founded in 2021.

The completion of these transactions expanded Partior's network coverage to include the Euro, in addition to US Dollars and Singapore Dollars. This marks a significant step towards global adoption of the Partior network.

JPMorgan's blockchain subsidiary, Onyx, has been a key player in the cross-border settlement space, handling hundreds of billions of dollars since going live a few years ago. With banking institutions as its main clients, Onyx's involvement in Partior is a testament to the potential of the blockchain-based payment network.

Partior also intends to develop a programmable enterprise liquidity manager and "just-in-time" multibank payments. The company plans to use the fresh capital to improve intraday foreign-exchange swaps and cross-currency repurchase agreements.

The announcement of the fundraising was made on Friday. Partior's network connectivity has been enhanced for end clients serviced across major financial centers including Singapore, Hong Kong, Frankfurt, London, and New York.

Humphrey Valenbreder, CEO of Partior, made a statement about the successful completion of the transactions, "We are thrilled to have successfully completed these cross-border transactions and expanded our network coverage. This is a significant milestone for Partior and we look forward to continuing to revolutionise the cross-border payment industry."

With the successful fundraising round and the expansion of its network, Partior is well-positioned to disrupt the traditional cross-border payment systems and provide faster, more efficient, and more secure payment solutions.

Blockchain payment network developer, Partior, secures $60 million in Series B funding for continued expansion and development