Singapore-based blockchain payments firm Partior recorded a significant 75% surge in losses for 2023, primarily attributed to a substantial rise in expenses, DealStreetAsia has learned.
Despite this, the company reported US$285,000 in revenue for 2023, a significant increase compared to the previous year’s lack of income.
According to regulatory filings, the increased losses were largely due to higher expenses, including substantial employee benefits costs and other operational expenses.
Employee benefits alone amounted to US$11.2 million, with wages and salaries making up US$8.1 million of that total. Additional expenses included US$1.3 million for technology and US$1.35 million for professional fees.
The company, backed by Temasek, DBS, and JP Morgan, is actively expanding its platform development and network reach.
Partior plans to integrate more currencies and add new capabilities such as intraday FX swaps and programmable enterprise liquidity management.
In 2023, Partior secured US$56.3 million in financing, contributing to a substantial increase in its cash and cash equivalent to US$24.5 million.
Recently, the company announced the first close of an over US$60 million Series B round led by Peak XV Partners, bringing its total funding to US$105.4 million, according to DealStreetAsia’s DATA VANTAGE.
Partior CEO Humphrey Valenbreder acknowledged the challenges faced by the early-stage fintech firm, stating,
“As a young company, our focus is on building a strong foundation for long-term growth and success.”
Valenbreder further emphasized Partior’s commitment to redefining financial infrastructure through its global unified ledger, a complex endeavor that will take time to fully materialize.
Despite the mounting losses, Partior remains optimistic about its future growth prospects.
Valenbreder expressed confidence in the company’s progress, stating, “We are building strong connections with leading financial institutions and partners, enhancing our network’s depth and interoperability.”
As Partior continues to innovate and expand its offerings, the fintech firm’s journey towards profitability remains a key focus for investors and industry observers alike.
Featured image credit: Edited from Freepik
