Billon raises 6 million USD to expand cash on blockchain
Billon Group, innovator of a new type of distributed ledger technology (DLT) that processes national currency and business documents with blockchain technologies, has concluded Series A financing with over $6 million of equity being issued to existing and new investors. Participants in this round were led by Billon CEO Wojtek Kostrzewa; investors in the round include FIS, Rising Tide, Mencey Capital, VCF III, existing investors and prominent international managers and experts.
The latest round brings the total funding raised by Billon to over $16 million of grants and equity as the company expands its DLT platform. With this new funding, Billon strengthened its board with the appointment of Wojtek Kostrzewa as CEO and Anand Phanse as CFO to complement the existing management team comprising of Andrzej Horoszczak, co-founder and chief technology officer, Robert Kaluza as chief operating officer, David Putts as chief growth officer and Jacek Figula serving as chief commercial officer.
“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. Commercial partners include FIS, Microsoft, the Polish Credit Bureau, Warta Insurance, Philip Morris and over a dozen clients in various stages of scaling.
The news of Billon’s Series A funding comes as national banks across the globe are actively seeking “cash-on-chain” blockchain architectures that comply with existing regulatory structures for digitized national currencies. Billon, as a registered e-money issuer in both the UK and Poland, is an industry leader in creating solutions levering its Distributed Digital Cash architecture, a system that meets existing payment requirements without modification.
Billon is also expanding its Trusted Document Management capabilities, which include the ability to secure complex data sets “on chain” and selectively share data elements, as opposed to architectures based on Ethereum or similar architectures which typically store documents off-chain with the full cost of back-up, and then link such documents to a hash, effectively failing to eliminate the legacy systems that DLT is intended to eliminate.