Partior, a fintech known for its global unified ledger based interbank rails for real-time clearing and settlement, has announced the first close of an over US$60 million Series B funding round led by Peak XV Partners, with participation from Valor Capital Group and Jump Trading Group as new investors.
Existing shareholders J.P. Morgan, Standard Chartered, and Temasek continue to support the company, alongside founding shareholders DBS, J.P. Morgan, Standard Chartered, and Temasek.
In fact, Partior’s platform is utilised by DBS, J.P. Morgan, and Standard Chartered to facilitate payments for their customers. Companies such as Siemens and iFAST Financial have benefited from the platform through Standard Chartered, gaining better access and control of their working capital, constant availability, and faster, more seamless payment flows.
Traditional cross-border payments encounter various challenges, including delays, high costs, lack of transparency, multiple intermediaries, variable processing speeds, and differing compliance standards across correspondent banks.
Similarly, FX settlement inefficiencies persist due to reliance on legacy infrastructure and manual processes, limiting real-time settlement of foreign exchange transactions. These inefficiencies increase operational costs and introduce risks such as delays and settlement failures.
According to Partior, its global unified ledger allows financial market participants, including banks and payment service providers, to join its network and access real-time, cross-border, multi-currency clearing and settlement.
The platform’s 24×7 blockchain network can interoperate with real-time local currency payment and RTGS systems globally, facilitating both direct and indirect settlement flows with market players.
The Partior shared ledger offers instant liquidity and transparency, said to overcome the shortcomings associated with sequential processing in legacy payment systems.
The new funding round will support the advancement of new capabilities, including intraday FX swaps, cross-currency repos, programmable enterprise liquidity management, and just-in-time multi-bank payments.
It will also significantly aid Partior’s international network growth and the integration of additional currencies, such as AED, AUD, BRL, CAD, CNH, GBP, JPY, MYR, QAR, and SAR, into its network — adding on to the USD, EUR, and SGD that Partior currently operates.
According to a report by the Bank for International Settlements (BIS), existing correspondent banking processes have struggled to adapt to new regulatory and supervisory requirements. The tokenisation of correspondent banking could streamline pre-screening and atomic settlement, paving the way for improved customer verification and anti-money laundering (AML) procedures.
Partior says it is working to unify global liquidity by interlinking digital asset platforms with its next-generation settlement technology.
“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. Having some of the world’s best banks and investors back our vision validates this even further,”
said Humphrey Valenbreder, Chief Executive Officer of Partior.
“Partior is an extremely ambitious attempt to transform global money transfer and settlement amongst banks. It’s a unique approach where multiple banks have come together to catalyse change in this industry. We couldn’t be more excited to join DBS, J.P. Morgan, Standard Chartered, and Temasek as co-shareholders in this journey,”
said Shailendra Singh, Managing Director at Peak XV.
Featured image credit: Edited from Freepik
