#dltledgers Lands USD $7 Million Series A Funding Round and Migrates its Blockchain-based Solutions to Corda
Singapore-based fintech firm, #dltledgers, has completed a Series A funding round led by Regis and Savoy Capital, Vittal, Walden International and various veteran industry leaders. The Series A funding round closed with a total of USD $7 million.
The funding round comes off the back of a record-breaking, third year for #dltledgers—with more than 200% YoY growth, as the need for digitisation across trade finance surges amidst the COVID-19 pandemic. #dltledgers has commenced expanding its 70-strong team by 120% across Asia Pacific, ANZ, Japan India and Middle East.
To support #dltledgers’ rapid growth, the company will migrate its blockchain-based solutions from Hyperledger Fabric to Corda, R3’s flagship enterprise blockchain platform—enabling businesses in trade finance to streamline business operations, while reducing transaction and record-keeping costs.
David Rutter, Founder and CEO of R3 said: “We are ecstatic that one of the world’s fastest-growing trade digitisation platforms is moving to Corda. #dltledgers was one of the first businesses globally to pass the proof-of-concept stage, launching a full production trade solution in 2018. They have also successfully proven how different blockchains can interoperate, and can create transactional efficiency in trade and supply chain finance.
Amit Ghosh, Head of APAC of R3 added: “#dltledgers is spearheading digital innovation in the trade finance industry and we are confident that the team will benefit greatly from Corda. Corda has demonstrated its capabilities and use cases within Asia’s trade finance ecosystem—providing leading trade finance and supply chain ISVs the benefits of blockchain for business—addressing issues of cost, expediency, efficiency, and profitability. We look forward to working very closely with #dltledgers, helping them scale in Asia and across the world’s other trading hubs.”
Samir Neji, Founder of #dltledgers said: “We are delighted that our investors see the value of #dltledgers and the transformative solutions we have developed. By migrating our blockchain platform to Corda, the first purpose-built blockchain for enterprise, our current and future clients will benefit from unparalleled security, transparency and performance that comes with Corda. In addition, our platform’s ability to facilitate repeatable transactions enabled us to stand out globally and led to engagements with corporates like Shiseido, Wilmar, Mitsui, Wipro Unza, Vertiv, Schneider Electric—and more than 500 SMEs like Pine Energy Valency International, as well as over 45 banks including ANZ, DBS, Standard Chartered Bank, and Rabobank. The injection of funding will help #dltledgers to amplify its work on partnerships, standards, integration, as well as accelerating product development in several areas. One area is Cognitive Document Automation (CDA)—a unique combination of graphical processing, machine learning, and blockchain—further reducing the effort required to reconcile invoices, purchase orders, packing lists, and other trade documents.” Neji believes CDA will enable customers to cross-match data in real-time in blockchain, right at the moment the documents are uploaded.
Singapore-based #dltledgers leverages Corda to digitise interactions between enterprises—enabling multiple parties to execute physical goods transactions and collaborate in a secure, digital environment. Its platform complements existing technologies such as SWIFT, Bolero, essDOCS, SAP, and MS Sharepoint—while supporting the exchange of sensitive data and documents, without having to rely on physical paper documentations.F
FarooqSiddiqi, CEO of #dltledgers said: “We are ecstatic to work with R3 and implement Corda within our technology infrastructure. Corda aligns with our goals at #dltledgers—which is to build efficiency in inter-enterprise transactions, reduce friction in physical and financial flows, and to help customers transition to a future dominated by data. We will continue shifting our users from disparate processes, communications, and reliance on email and paper, to a single, private, digital network, which can expand as customers’ requirements evolve. Through that network, users will be able to manage any type of repeatable transaction with external parties. Crucially, this will be a network our customers own, and can itself become an asset with real value.”
#dltledgers has played a pivotal role in the transformation of Asia Pacific’s trade finance industry—contributing to Singapore's Trade Finance Registry, the world-first collaboration of 14 banks, led by DBS and Standard Chartered Bank, aiming to fight trade fraud. The company is also working closely with The International Chamber of Commerce, Trade Trust and various government agencies to enable interoperability between different technologies and support government initiatives such as the Parliament’s Bill giving legal certainty to the use of electronic documents.
Amit Ghosh, Head of APAC, R3 and Samir Neji, Founder of #dltledgers are available for media interviews and written commentaries.A
R3 is an enterprise software firm that is pioneering digital industry transformation. With our foundation in enterprise blockchain technology, we power solutions that deliver trust across the financial services industry and beyond.
R3’s enterprise blockchain platform Corda is digitalizing the processes and systems that firms rely on to connect and transact with each other and has more than 350 institutions deploying, servicing and building on it. Our Conclave platform harnesses the promise of confidential computing and Intel® SGX technologies. Conclave empowers businesses to develop applications that analyze and process sensitive data from multiple parties —all without compromising on confidentiality.
Our customers and partners have access to an ecosystem of leading systems integrators, cloud providers, technology firms, software vendors, corporates and banks. To ensure our customers derive the greatest value from their investment, we provide services and support to shorten time-to-market, as well as guidance on implementation, integration and building blockchain business networks. Learn more at www.r3.com, www.corda.net, and www.conclave.net.
#dltledgers is the leading, independent blockchain platform for trade and supply chain finance digitisation, headquartered in Singapore. The platform helps corporates and banks to authenticate their commercial documents, contracts, and bank interactions, enabling them to automate multi-party transactions, streamline processes, and reduce cost. The net result is faster, more cost-effective trade execution, more robust, auditable collaboration between enterprises, and often improved capacity to obtain financing.
Network participants include buyers, sellers, trading companies, banks and alternative lenders, as well as carriers, logistics partners, insurers, ports, and a variety of certifying bodies and government agencies. #dltledgers was the first platform of its kind globally to go into full production, and it has processed several billion dollars-worth of live transactions.
It played a key role in Singapore’s “Trade Finance Registry”, the world-first collaboration of fourteen banks, led by DBS and Standard Chartered Bank, aiming to fight trade fraud. In April it helped Cargill, Rabobank, and commodity trader, Agrocorp, complete groundbreaking, cross-continental trade of wheat, a continuous repeat transactions which run into millions for our customers. Later, global research firm, CB Insights, named #dltledgers as one of the top 50 private companies globally in blockchain.
Read more at dlt.sg, or follow #dltledgers on LinkedIn and YouTube.
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