Singaporean fintech firm dltledgers raises $7Mn in series A funding

Singaporean fintech firm dltledgers raises $7Mn in series A funding

Singaporean financial technology company, Distributed Ledger Technologies Pte. Ltd, has reportedly raised $7 million in a new series A funding round that was led by Indian company Regus and Savoy Capital, along with its present investor Vittal and Walden International.

The company also mentioned that it has shifted its distributed ledger blockchain tech infrastructure to R3 LLC’s Corda blockchain from IBM’s Hyperledger Fabric. According to dltledgers, the migration is geared towards streamlining its operations and reducing the record-keeping and transaction costs.

In this regard, Chief executive of dltledgers, Farooq Siddiqi stated that Corda blockchain aligns with the company’s goals of enhancing the efficiency of inter-enterprise transactions, minimizing discrepancies in physical and financial flows, and helping customers transition to the data dominated future.

For the uninitiated, dltledgers is a global fintech firm for banks, traders, and large enterprises which delivers a plug-and-play solution for finance, trade, and supply chains. For this, the company utilizes blockchain technology, that serves as a secured, tamper-proof ledger of transactions among parties as well as across jurisdictions.

So far, the company has executed trades worth of $3 billion on its platform which is used by over 4,000 businesses for financing or for international trades.

These businesses require a platform that instantly delivers results, which reduces the transaction cycle time and offers real-time updates on money availability and transfers. This in turn releases the working capital and automates the conventional manual and expensive processes.

Speaking on this, Siddiqi stated that the company will continue to shift its users from numerous communications, processes, and dependence on email and paper, to a single, digital and private network that can expand according to the customers’ requirements. Siddiqi also added that this network will enable users to manage all types of repeatable transactions with external parties.

The company reportedly claims that it can increase the efficiency of trades by 80% and can reduce financial costs by 20% by improving traceability and open new credit lines owing to improved visibility within trades.

Source credit: https://siliconangle.com/2021/03/25/singaporean-fintech-blockchain-firm-dtledgers-raises-7m-series/