JPMorgan and Standard Charters Back Blockchain Rails Firm Partior’s $60 Million Fund Raise

Partior has raised $60 million in a Series B funding round to add new capabilities and more currencies to its global unified ledger-based interbank rails for real-time clearing and settlement.

The company’s infrastructure is used by major banks in financial markets that include London, New York, Singapore, Frankfurt and Hong Kong, Partior said in a Friday (July 12) press release.

“Partior is breaking down silos and rewriting the rules for cross-border clearing and settlement,” Humphrey Valenbreder, CEO at Partior, said in the release. “We see a very bright future for blockchain-based frictionless, cross-border transactions.”

Partior’s global unified ledger enables banks, payments service providers and other global financial market participants to join its network and access real-time, cross-border, multi-currency clearing and settlement, according to the release.

Its blockchain network interoperates with real-time local currency payment and real-time gross settlement (RTGS) systems globally, facilitating both direct and indirect settlement flows with market players, the release said.

The shared ledger also enables transfers with real-time settlement finality that offers instant liquidity and transparency, per the release.

These capabilities are designed to improve liquidity management for corporate and financial institutions that operate around the clock globally and face challenges in their use of traditional cross-border payments, according to the release.

They also help these institutions avoid the higher operational costs, delays and settlement failures they see in foreign exchange (FX) settlement that relies on legacy infrastructure and manual processes, per the release.

With the new funding, Partior plans to add new capabilities like intraday FX swaps, cross-currency repos, programmable enterprise liquidity management and just-in-time multi-bank payments, according to the release.

The company also aims to grow its international network and integrate additional currencies that will join the U.S. dollar, euro and Singapore dollar that are currently live, per the release.

Shailendra Singh, managing director at Peak XV Partners, which led the funding round, said of Partior in the release: “It’s a unique approach where multiple banks have come together to catalyze change in this industry.”

Financial services company Standard Chartered became one of Partior’s founding partners and the first European settlement bank for the Partior platform in November 2022, saying it aimed to simplify cross-border transactions for its clients.