Blockchain-powered payments and settlements platform SETL has received an undisclosed investment from Crédit Agricole CIB.
The minority investment from Crédit Agricole marks its first commitment in to a FinTech company.
Founded in 2015, SETL is a blockchain technology developer that builds solutions for the multi-asset, multi-currency institutional payment and settlements infrastructure. The platform enables users to move cash and assets between each other immediately.
London-based SETL uses a distributed ledger of ownership, which helps to keep track of transactions, helping to simplify matching, custody and transaction reporting.
The investment comes weeks after SETL went live with its pan-European funds record keeping platform IZNES having successfully processed its first transactions. The IZNES platform was launched in 2017 in partnership with four French asset managers.
A range of industries have utilised the technology, with it helping to facilitate multi-currency cross-border transactions or implement commercial invoices. Mutual funds and private equity firms have also used the OpenCSD product that can standardise ownership and mange history records.
SETL CEO Peter Randall said, “We are unique in having both a financial grade blockchain product and a proven deployment route. SETL has successfully deployed multiple environments capable of processing in excess of 80,000 transactions per second across over 100 million accounts concurrently in a globally distributed configuration.
“As a result of this technological capacity SETL have already received significant further indications of interest in our OpenCSD product, especially from organisations who are prominent members of competing offerings.”
Earlier this year, Stratumn launched a Blockchain-based software service to ensure easy and reliable traceability in critical business processes. IndigoTrace is a plug-and-play software service designed to easily secure any business process, allowing better traceability of goods, assets and services.
Last year, around $1bn was invested in to blockchain companies around the world. Of this capital, just over three-quarters went to companies based in the US according to data by FinTech Global.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
