Investors provided $1 million for OweMe, which developed a platform using blockchain to link bank lenders and corporate buyers for access to trade finance. The U.K.-based company is owned by Sabstone, and will use the investment to further focus on developing its product and growing its staff.
Reports noted that the funding marks the first cross-border investment by pi Ventures, based in India.
Registered with the U.K. Financial Conduct Authority (FCA), OweMe aims to accelerate and streamline the supply chain financing process by including banks in the platform that want to provide financing to corporate buyers.
“Finance is viewed as a single entity issue for ages. Operationally, firms have long since integrated their supply chains, but there is a long way to go for financial integration,” said OweMe Co-Founder Nishant Singh in a statement. “Today, technology, regulation and market readiness can drive significant transformation in the way companies think about finance in their supply chains. We are very excited about the investment and the opportunities we can unveil with it.”
The focus of pi Ventures is on artificial intelligence (AI) and Internet of Things (IoT) startups in India. The firm noted that it will continue with this focus, according to Partner Abishek Surendran, who told reporters at TechCircle that the funding is “a one-off investment” that does not signal a shift in strategy for the firm.
Trade finance products, like invoice and supply chain finance, have become a major focus for blockchain innovators in recent years, with innovators looking at blockchain technology’s ability to provide visibility and real-time data as products and money move through supply chains. While there is a slew of startups exploring opportunities in this market, major corporations and financial institutions have entered the space, too.