Cambridge Blockchain, a digital identity enterprise software platform has received an add-on investment to its Series A round from PayPal.
Through this new deal, the two companies will explore potential collaborations to leverage blockchain technology.
Venture firms Omidyar Network and Flourish also made contributions to this Series A extension. The value of the Series A was not disclosed.
Last year, Cambridge Blockchain pulled in $7m for its Series A which was led by HCM Capital, and supported by firms including Partech Partners, Future\Perfect Ventures and Digital Currency Group.
Cambridge Blockchain combines blockchain technology with an off-chain personal data service to give financial institutions secure digital identity enterprise software. Its platform gives consumers control over their own identity data and ensures financial institutions can comply with GDPR.
The company creates an independent source of validation through the network effects of trusted parties, natural persons, legal entities and devices.
Cambridge Blockchain CEO Matthew Commons said, “Our service helps streamline digital identity compliance while giving customers control over their identity data. We are honoured by PayPal’s vote of confidence, and we look forward to their support and guidance.”
Last year, Cambridge Blockchain combined its distributed digital identity system with HIS Markit’s KYC services. The deal enabled both companies to accelerate customer onboarding, lower costs and enhance compliance through a single platform.
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