SINGAPORE-BASED fintech firm #dltledgers has completed a Series A funding round, which closed with a total of US$7 million.
The funding round was led by Regis and Savoy Capital, Vittal, Walden International and various other veteran industry leaders, and will be used to support #dltledgers' geoexpansion and plans to scale the business. The firm's product and engineering teams will get a sizeable planned investment to build their innovations. (see amendment note)
In order to support their growth, the company will also migrate its blockchain-based solutions from Hyperledger Fabric to Corda, which is enterprise software firm R3's flagship enterprise blockchain platform.
Founder of #dltledgers Samir Neji said: "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 come with Corda."
#dltledgers is an independent blockchain platform for trade and supply chain finance digitisation, with its headquarters in Singapore. The firm aims to help banks and corporates authenticate documents, resulting in more cost-effective trade execution and auditable collaboration between enterprises.
David Rutter, founder and chief executive officer of R3, said that they were "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," he added.
Amendment note: An earlier version of this story incorrectly spelt Regis and Savoy Capital as Regus and Savoy Capital. The article above has been revised to reflect this.