Blockchain-based fintech firm Partior bags $60M in Series B funding from Peak XV, others

Blockchain-based fintech Partior has bagged over $60 million in a Series B funding round led by Peak XV Partners. New investors such as Valor Capital Group and Jump Trading Group and existing shareholders, including JP Morgan, Standard Chartered, and Temasek, also participated in the round.

The funding will enable the Singapore-based firm to advance its new capabilities, such as intraday FX swaps, cross-currency repos, programmable enterprise liquidity management, and just-in-time multi-bank payments. It will also support international network growth and integration of additional currencies, Partior stated.

“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,” said Shailendra Singh, Managing Director, Peak XV.

Founded in 2021, the block-chain based company, which enables cross-border payments and settlements, emerged from Project Ubin—a collaboration between the Monetary Authority of Singapore and the financial services industry.

The firm strives to tackle industry inefficiencies such as settlement delays, limited transaction transparency, and high operating costs, while facilitating liquidity movement for financial institutions and their customers.

“Partior’s global unified ledger technology is pivotal in addressing existing industry challenges and has the potential to redefine how transactions are processed globally,” said Saurabh Sharma for Jump Trading Group.

Partior is used by major banks in financial markets such as London, New York, Singapore, Frankfurt, and Hong Kong. Its users include DBS, JP Morgan, Standard Chartered, Siemens, and iFAST Financial.

A report by the Bank for International Settlements indicates that existing correspondent banking processes have struggled to adapt to new regulatory and supervisory requirements. Tokenising correspondent banking could enable streamlined pre-screening and atomic settlement, paving the way for enhanced customer verification and anti-money laundering procedures, the report notes.