Bank-backed DLT-based payments network Partior raises $60 million

The first close of the round was led by Peak XV Partners and supported by Valor Capital Group and Jump Trading Group, with support from founding shareholders JP Morgan, Standard Chartered and Temasek.

Partior has its roots in Project Ubin, a blockchain-based multi-currency payments prototype developed by the Monetary Authority of Singapore in collaboration with JPMorgan and Temasek.

The Unified Ledger enables global banks and payment service providers to join its network and access cross-border, multi-currency clearing and settlement in real time. Its 24×7 blockchain network can interoperate with real-time local currency payment and RTGS systems worldwide.

The platform is used by JP Morgan, Standard Chartered and co-founding investor DBS to facilitate payments for their customers. Companies such as Siemens and iFAST Financial use Partior’s platform through Standard Chartered for greater access and control of their working capital, 24/7 availability and faster, more seamless payment flows.

The new funds will be used to add features such as intraday FX swaps, cross-currency repos, programmable corporate liquidity management and just-in-time payments to multiple banks. It is also used to integrate other currencies including AED, AUD, BRL, CAD, CNH, GBP, JPY, MYR, QAR and SAR.

“Partior is breaking down silos and rewriting the rules for cross-border clearing and settlement. We see a very bright future for frictionless, cross-border blockchain-based transactions. The fact that some of the world’s best banks and investors support our vision confirms this even more,” says Humphrey Valenbreder, CEO of Partior.