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Blockchain-as-a-service startup BanQu announced that it closed an extension of its Series A funding round, receiving an undisclosed amount from ZX Ventures, the investing arm of brewing giant Budweiser’s parent company Anheuser-Busch InBev.
According to its press release, BanQu, which is a non-cryptocurrency blockchain platform, aims to connect workers, including farmers who do not have modern banking access, directly to brands, organizations, and governments.
The proceeds will be used to develop its blockchain-based global supply chain platform, including the expansion of its famous “track and trace” feature. In addition, the funding secures BanQu’s interest overseas, targeting Africa, Asia, and Latin America.
Through the platform, BanQu users can reportedly gain access to financial service providers such as MTN and Airtel and mobile money services. The startup is said to have helped more than 200,000 people and aims to raise 100 million people from extreme poverty by 2023.
As per the announcement, the two companies first collaborated in 2018 after BanQu successfully launched a pilot project that benefitted more than 4,000 direct farmers in Zambia, Uganda, and India. BanQu has also been a part of the 100+ Accelerator program at AB InBev, which also owns Corona, Leffe, Stella Artois, and Becks beer brands.
“Together, we are working to improve access to modern banking for thousands of farmers in underserved rural markets, driving inclusive growth and contributing to our own 2025 Sustainability Goal as well as the UN’s Sustainable Development Goals,” Tony Milikin, AB InBev’s Chief Sustainability and Procurement Officer, said.
Last year, the United Nations Development Programme (UNDP) has partnered with non-for-profit Blockchain Charity Foundation (BCF) to support the application of blockchain technology to provide innovative solutions to development challenges. A decentralized charity system that allows complete end-to-end traceability for each donation has also been unveiled.
