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Clearstream, Credit Suise support FundsDLT’s Series A funding

Image by FundsDLT

Fri, 20 Mar 2020, 00:27 am UTC

Blockchain-based platform FundsDLT has secured a Series A funding from four financial giants.

In a press release shared with Finextra, FundsDLT announced that it received financial backing from Clearstream, Credit Suisse Asset Management, the Luxembourg Stock Exchange (LuxSE) and Natixis Investment Managers. The Series A funding will be used to accelerate its commercial development.

The commercial backing FundsDLT received marks a major milestone for the evolution of the fintech which was originally initiated and incubated by the Luxembourg Stock Exchange and its affiliate Fundsquare.

“FundsDLT is an international initiative that streamlines a number of activities along the fund distribution value chain and has the potential to reduce costs for the benefit of investors across fund and investor domiciles. This investment is a critical step in our digital strategy and will complement and strengthen our current Vestima offering,” said Philippe Seyll, CEO of Clearstream Banking.

Ledger Insights noted that the funding amount was not disclosed, but a single-digit Euro amount was raised from each of the three new investors.

According to Robert Scharfe, CEO of the Luxembourg Stock Exchange, the launch of FundsDLT is an important step towards its shared goal of promoting blockchain adoption and digital assets across the financial industry. By sharing data with three parties the group hopes to enhance transparency and save money by removing redundant processes.

“We continuously seek to ease the access to our products for clients. As part of our digitalization journey, we consider FundsDLT as a further powerful lever to increase efficiency but also to create new distribution channels, enabling considerable benefits for both clients and asset managers,” said Michel Degen, Head of Credit Suisse Asset Management Switzerland and EMEA, about the partnership.

Paolo Brignardello, Fundsquare Head of Product Management and Marketing, was asked about the product road map and he said that in the first phase, they planned to attract asset managers and asset services who were willing to reduce costs and create new funds to migrate existing investors to cost-efficient products with better user experience. They would leverage close relationships with over 20 large institutions that acted as FundsDLT’s testing partners.

The project uses an enterprise version of Ethereum, so it has decent performance and permission with KPMG as its advisor.

Meanwhile, in February, crypto finance firm Amber Group raised $28 million in Series A funding. Paradigm and Pantera led the funding. Coinbase Ventures, Fenbushi Capital, Polychain Capital, and participated in the ground.

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