Partior Raises $60 Million in Series B Funding
Partior, a cross-border payments network backed by major banks like JPMorgan Chase & Co., Standard Chartered Plc., and DBS Bank Ltd., has raised $60 million in a Series B funding round.
The round was led by Peak XV Partners, with participation from Valor Capital Group and Leap Trading Group. Existing investors J.P. Morgan, Standard Chartered, and Temasek Holdings Ltd. also joined the round.
Partior aims to disrupt the slow payment process between banks and financial institutions across borders. Its blockchain-based distributed ledger infrastructure enables near-instant payments for commercial bank deposits and other assets, eliminating the need for legacy systems.
The platform also uses blockchain technology to provide reliable validation of transaction history.
Partior was founded in 2021 by Temasek, JPMorgan, and DBS. Standard Chartered joined as a founding shareholder in 2022.
DBS, J.P. Morgan, and Standard Chartered are already using Partior’s network to settle payments for their clients. Other clients include German multinational technology conglomerate Siemens AG and digital banking platform iFAST Financial Pte Ltd.
The new funding will be used to develop new capabilities for the platform, including:
- Intraday foreign exchange swaps
- Managing business liquidity through software
- Just-in-time multi-bank funds
Partior also plans to expand its international network and integrate additional currencies beyond the U.S. dollar, the euro, and the Singapore dollar.
The use of blockchain networks for cross-border payments has been gaining traction in recent years. In 2017, JPMorgan announced an Ethereum blockchain-based platform for cross-border payments.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) expanded its blockchain platform Global Payments Innovation Initiative to cover more banks that year as well.
More recently, London-based fintech firm Fnality Worldwide Ltd. raised $95 million to develop its platform that enables banks to use blockchain technology for near real-time settlements.
“After devoting a major part of my career to solving some of the great challenges of global payments, I’ve seen firsthand how important it is for the cross-border payments and settlements infrastructure to be modernized,” said Dan Schulman, managing partner at Valor Capital Group. “We see great potential in Partior to do exactly that.”
