Insurance News

Insurance blockchain firm B3i closes Series B investment


Today B3i Services announced the first closing of its Series B funding round. It includes additional investment from existing shareholders and Türk Reasürans as a new stockholder, bringing the number of insurers backing the firm to 21.

Türk Reasürans was set up in 2019 by the Turkish government and is funded by the Ministry of Treasury and Finance.

B3i didn’t reveal the terms of the latest funding round, but the share registry showed a new issuance of 3.6 million one franc preference shares. One franc might be the nominal value, so more than 3.6 million Swiss francs may have been paid. However, these new shares have liquidation rights compared to the existing 30.6 million shares.

In April 2019, when the previous funding round of more than $20 million was disclosed, there were 16 shareholders. Since then, China Pacific, Africa Re and IRB Brasil Re have joined.

“We’ve made significant progress in our ability to rapidly deliver enterprise solutions on top of our Fluidity platform,” said John Carolin, CEO of B3i Services AG. “With this capital raise, we look forward to expanding our network, deploying a growing number of partner and customer sponsored applications, and growing revenue in 2021.”

One of the key objectives of B3i is to spend a higher proportion of time focused on the Fluidity platform, which uses R3’s Corda, and for others to build third-party solutions on top of it. To that end, it recently made two partnership announcements with Tata Consultancy Services and major German system integrator msg. 

The msg relationship is not a new one as a msg team has been working with B3i for some time. Msg is the co-developer of SAP FS-RI, one of the prominent ledgers used by reinsurers. Hence it brings not only technical expertise but also strong relationships with the reinsurers.

B3i’s full shareholder list is Achmea, Aegon, Africa Re, Ageas, Allianz, AXA, China Pacific Insurance, Deutsche Rück, Generali, Hannover Re, IRB Brasil Re, Liberty Mutual, Mapfre Re, Munich Re, SBI Group, SCOR, Swiss Re, Tokio Marine, Türk Reasürans, VIG Re, and Zurich Insurance Group.

Image Copyright: Interpas / BigStock Photo