R3 raises $107m in fresh investment round

R3 has raised $107m in fresh round of funding to accelerate technology development and expand strategic partnerships for product deployment.

R3 raises $107m in fresh investment round

The series A investment round was led by more than 40 financial institution from over 15 countries, including SBI Group, Bank of America Merrill Lynch, HSBC, Intel & Temasek.

Other major investors include ING, Banco Bradesco, Itaú Unibanco, Natixis, Barclays, UBS and Wells Fargo.

The company said that the funds will also be used for the development of Corda, a DLT platform for regulated financial institutions that will support a range of partner-built financial applications.

R3 CEO David Rutter said: “Many of the world’s largest financial firms have come together not just with capital support, but with a robust commitment to work with R3 in developing industry solutions that will be the building blocks of the new financial services infrastructure.

“In the space of less than two years, we have built a network of over 80 members, launched an open-source distributed ledger platform specifically for wholesale financial markets, conducted over 60 detailed use cases across a variety of asset classes, led the way in regulatory engagement on behalf of the broader DLT community and are ahead of schedule for initial commercial deployments this year.”

The third and final investment round will open later in 2017 and will be accessible to both R3 members and non-R3 institutional investors.