JPMorgan, Standard Chartered-backed blockchain payment network Partior raises $60 million

Global blockchain payment fintech Partior announced the close of a more than $60 million Series B round led by Peak XV Partners (formerly Sequoia Capital India SEA).

New investors Valor Capital and Jump Trading also participated in the round, further supported by existing shareholders JPMorgan, Standard Chartered and Temasek, according to a statement from Partior on Friday.

“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 catalyze change in this industry,” Peak XV Managing Director Shailendra Singh said.

The new funding will be used to help the firm continue to develop its ledger-based interbank rails for real-time clearing and settlement, including new features such as intraday FX swaps, the integration of additional currencies and just-in-time multi-bank payments, the firm said.

Founded by JPMorgan, DBS and Temasek in 2021, and backed by the Monetary Authority of Singapore, Standard Chartered also became a founding shareholder in the blockchain-based technology provider in 2022.

DBS, JPMorgan and Standard Chartered clients using Partior

DBS, JPMorgan and Standard Chartered are already using Partior's network to facilitate payments for their customers, including Siemens and iFAST Financial, with USD, EUR and SGD currently supported.

“Partior is breaking down silos and rewriting the rules for cross-border clearing and settlement. We see a very bright future for blockchain based frictionless, cross-border transactions. Having some of the world’s best banks and investors back our vision validates this even further,” Partior CEO Humphrey Valenbreder stated.

Patior argues that traditional cross-border payments face several challenges, including delays, high costs, lack of transparency, multiple intermediaries and differing compliance standards, with FX settlement suffering from similar inefficiencies.

“After devoting a significant part of my career to solving some of the great challenges of global payments, I have seen firsthand how essential it is for the cross-border payments and settlements infrastructure to be modernized. We see tremendous potential in Partior to do just that,” Valor Capital Group Managing Partner Dan Schulman said.

Partior’s blockchain network aims to provide a tokenized 24/7 real-time solution for cross-border multi-currency clearing and settlement, interoperable with local currency payment systems and digital asset platforms, designed to overcome the shortcomings of legacy options.