Today Polish enterprise blockchain startup Billon Group announced a $6 million Series A round, bringing its total funding to more than $16 million including grants.
Apart from existing investors and the CEO, some of the main finance contributors include FIS, Rising Tide, Mencey Capital and VCF IIIa.
The company says its commercial partners include giant payments firm FIS, Microsoft, the Polish Credit Bureau, Warta Insurance, Philip Morris and others.
“Series A funds will be used to scale existing use cases, respond to many new clients and to begin preparation for opening the platform further for third party developers and commercial partners,” said CEO Wojtek Kostrzewa.
Back in 2018, the startup participated in the FIS VC Accelerator program and subsequently signed a deal with FIS to explore electronic document and identity management.
The Polish Credit Bureau (BIK) is using the Billon platform to track credit histories in the country.
Billon has built a proprietary Proof of Stake permissioned blockchain. Many blockchains only store references to documents, but a feature of the Billon blockchain is it stores encrypted documents on-chain and claims to be GDPR compliant. The company aims to expand these “Trusted Document Management” capabilities.
The other main application is for accounts and transactions, targeted at bank accounts. It offers near real-time settlement of domestic and cross border payments. The distributed ledger technology (DLT) platform enables fiat money to be digitized and the firm is registered as an e-money issuer in the UK and Poland.
One of the biggest claims made by the company relates to performance. It can settle 160 million payments a day and add five million documents a day.