JPMorgan-backed blockchain company ‘Partior’ closes $60M Series B funding round
Class, a blockchain settlement network and fintech services firm backed by JP Morgan, Standard Chartered and Temasek, announced on July 12 that it has closed a $60 million Series B funding round led by Peak XV Partners.
The round was backed by Valor Capital Group and Jump Trading Group with ongoing support from DBS, JP Morgan, Standard Chartered and Temasek.
Money for international accounting
The funds will go towards facilitating the establishment of the company's global unified ledger, a blockchain-based bridge for real-time, cross-border, multi-currency clearing and settlement for financial institutions, including banks and payment service providers, according to a blog post from Partier. .
According to Partier:
“This new funding will enable the development of new capabilities such as Intraday FX swaps, Cross-currency repos, Programmable Enterprise Liquidity Management and Just-in-Time multi-bank payments. It helps to integrate into the network including CNH, GBP, JPY, MYR, QAR and SAR.Partior currently lives in USD, EUR and SGD.
Financial partners
Partior was founded in 2021 by JP Morgan, DBS and Sematech in Singapore and aims to reduce friction and delay in cross-border payments, trade transactions and foreign exchange settlements.
The company's latest funding round was led by Peak XV Partners in 2015. It was spun off from Sequoia Capital in June 2023 by a group set to decentralize the company's operations. Peak XV Partners represents the former Congressional arm of India and Southeast Asia.
Related: Sequoia Capital announces three-way split to diversify China business
Shailendra Singh, Managing Director, Peak XV, described Parthir's mission as a great one and expressed his delight at the funding in a blog post:
“Dividend is a huge attempt to transform global financial transactions and the relationship between banks. It is a unique approach where several banks have come together to drive change in this industry. We are more than excited to join DBS, JP Morgan, Standard Chartered and Temasek as partners in this journey. We couldn't.
