Deutsche Bank participates in blockchain-based fintech company’s expansion Series B funding round partitionthe round has closed with total funding of US$80 million.
Originally Series B Secured USD 60 million In July 2024, it will be led by Peak XV Partners with participation from JP Morgan, Jump Trading Group, Standard Chartered, Temasek and Valor Capital Group.
Deutsche Bank’s additional investment strengthens Paltior’s plans to expand its operations globally, strengthen cross-border capabilities, and develop capabilities such as intraday currency swaps and just-in-time multi-bank payments It is something to do.
The bank plans to function as a euro and USD payments bank on Partior’s platform, in line with the dbX initiative, a correspondent banking ecosystem launched to optimize customer service for financial institutions. There is.
Founded in 2021 and backed by DBS Bank, JP Morgan, Standard Chartered and Temasek, Partior uses blockchain technology to enable real-time payments and payments.
The platform addresses the inefficiencies of traditional payment systems by providing increased transparency, instant liquidity, and enhanced security.
Partior, which currently supports trading in USD, EUR, and SGD, plans to integrate additional currencies such as AED, AUD, BRL, CAD, CNH, GBP, JPY, MYR, QAR, and SAR.
The platform is working with banks, central banks and fintech companies to accelerate adoption and expand its presence across the Americas, EMEA and Asia.
“The payments business is currently undergoing a period of massive disruption, primarily due to rapid advances in technology and increased financial inclusion and transparency.
As the largest euro clearing company, Deutsche Bank is excited to be a leader in this revolution and leverage cutting-edge technology to increase the speed, transparency and security of payments that our customers and peers alike expect. . ”
said Patricia Sullivan, global head of institutional cash management at Deutsche Bank.
“Deutsche Bank’s investment and collaboration is a powerful demonstration of our vision to transform the world’s financial infrastructure. With their support, we will provide financial institutions around the world with seamless, secure and instant border access. We will accelerate our mission to provide transactions that go beyond.
We are also proud to announce that we have now processed $1 billion worth of transactions. This marks an important milestone in our journey and the industry’s growing confidence in our platform. ”
Humphrey Wallenbreder, CEO of Partition, said:
This investment is made despite the interests of the partners. report Losses will jump 75% in 2023 due to higher costs related to the company’s expansion efforts.
However, the company reported revenue of USD 285,000 in 2023, compared to no revenue the previous year.
Notably, in July 2024 (the same month it announced its initial USD 60 million raise), Party laid off a significant portion of its workforce, reducing its workforce from over 130 to approximately 90. This has been reduced to .
Several individuals, including those in leadership positions, such as: atul buchharand departed shortly thereafter for unknown reasons.
Featured image credit: Edited from freepic
