US-based cryptographic settlement technology developer Transparent Financial Systems has raised more than $14m in a series A round featuring digital payment technology provider Square, The Block reported yesterday.
Pantera Capital led the round, which included consulting firm Ideo’s Colab Ventures fund, crypto trading platform CMT Digital, Future\Perfect Ventures and Digital Currency Group, and which came in the wake of $8m in seed capital from Vulcan Capital in July 2018.
Founded in early 2018, Transparent has created a decentralised payment settlement network designed to help businesses settle payments more easily in real time. The cash will fund product development and recruitment, CEO Alex Fowler told The Block.
“We are building a new, cryptographically secure, real-time settlement solution that removes transaction costs and friction associated with traditional payment rails,” Fowler added.
“Our decentralised network eliminates single points of control that hold back current financial systems and solves for settlement time constraints and money spent on transaction fees.”
