Cross-border blockchain-based settlement startup Partior has secured multi-million funding from a pool of investors to expand payment offerings.
Singapore-based cross-border blockchain settlement startup Partior has raised $60 million in a Series B funding round led by Peak XV Partners (formerly Sequoia India & Southeast Asia) to double down on its efforts to address liquidity fragmentation.
Besides Peak XV, the round was also supported by Jump Trading, Valor Capital, and existing shareholders such as Temasek Holdings, JPMorgan, and Standard Chartered, as per a Bloomberg report.
The proceeds are expected to help the Singapore government-incubated startup expand its settlement offerings by bringing new solutions such as intraday forex swaps, cross-currency repos, and delivery versus payments in securities. The startup’s valuation following the latest funding remains undisclosed.
Founded in 2021 as part of the Monetary Authority of Singapore-led Project Ubin with participation from Temasek, DBS and JPMorgan, Partior aims to streamline international payments and settlements using blockchain technology. In mid-May, Standard Chartered announced the successful completion of its Euro-denominated cross-border transactions between Hong Kong and Singapore via Partior.
In mid-February, JPMorgan released results from a survey conducted among more than 4,000 institutional traders.
The survey revealed a significant decline in confidence regarding blockchain use cases among large investors as only 7% of respondents viewed blockchain as a promising technology over the next three years, a sharp decrease from the 25% reported in 2022. Despite this drop, blockchain still ranked third in terms of prospects, following API integration (13%) and artificial intelligence/machine learning (61%).
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