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Home»ADOPTION NEWS»JPMorgan, Standard Chartered-Backed Blockchain Payments Network Partior Raises $60 Million
ADOPTION NEWS

JPMorgan, Standard Chartered-Backed Blockchain Payments Network Partior Raises $60 Million

By Crypto FlexsJuly 14, 20243 Mins Read
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JPMorgan, Standard Chartered-Backed Blockchain Payments Network Partior Raises  Million
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Partior, a global blockchain payments fintech company, announced the close of a Series B round of over $60 million led by Peak XV Partners (formerly Sequoia Capital India & SEA).

New investors Valor Capital and Jump Trading also participated in the round, with additional support from existing shareholders JPMorgan, Standard Chartered and Temasek, according to a statement released by Partior on Friday.

“Partior is a very ambitious attempt to revolutionise global remittances and payments between banks. It is a unique approach where multiple banks come together to drive change in this industry,” said Shailendra Singh, Managing Director of Peak XV.

The company said the new funds will be used to continue developing its ledger-based interbank trading system for real-time clearing and settlement, which will include new features such as daily FX swaps, additional currency integrations, and timely multi-bank payments.

Founded in 2021 by JPMorgan, DBS and Temasek and supported by the Monetary Authority of Singapore, Standard Chartered became a founding shareholder of the blockchain-based technology provider in 2022.

DBS, JPMorgan and Standard Chartered clients using Partior

DBS, JPMorgan and Standard Chartered are already using Partior’s network to facilitate payments for their customers, including Siemens and iFAST Financial, with USD, EUR and SGD now supported.

“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. It is further evidence that the world’s leading banks and investors are backing our vision,” said Humphrey Valenbreder, Partior CEO.

Partyor argues that traditional cross-border payments face a number of challenges, including delays, high costs, lack of transparency, multiple intermediaries and differing regulatory compliance standards, and that foreign exchange settlements suffer from similar inefficiencies.

Dan Schulman, Managing Partner of Valor Capital Group, said, “Having spent a significant portion of my career solving big challenges in global payments, I’ve seen firsthand how essential it is to modernize cross-border payments and settlement infrastructure. We see tremendous potential at Partior to do just that.”

Partior’s blockchain network aims to provide a tokenized, 24/7 real-time solution for cross-border multi-currency clearing and settlement, interoperable with local currency payment systems and digital asset platforms designed to overcome the shortcomings of existing options.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

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