Electronic money issuer Billon Group completes $ 6 million Series A financing, mainly to expand existing use cases

According to Cryptoninjas, on March 19, the new distributed ledger technology (DLT) company Billon Group announced the completion of Series A financing and issued over $ 6 million in equity to existing and new investors. The company is dedicated to using blockchain technology to process national currencies and business documents.

Enterprise DLT company Billon Group completes $ 6 million Series A financing (Image source: Pexel )

Investors in this round include: FIS, Rising Tide, Mency Capital, VCF III, existing investors and well-known international managers and experts.

The latest round of funding brings Billon's total funding from grants and equity to more than $ 16 million. Previously, the team consisted of co-founder and chief technology officer Andrzej Horoszczak, chief operating officer Robert Kaluza, chief development officer David Putts, and chief commercial officer Jacek Figula. With this new funding, Billon has refined the board and newly appointed Wojtek Kostrzewa as CEO and Anand Phanse as CFO to complement the existing management team.

Billon Group CEO Wojtek Kostrzewa said:

The Series A funding will be used to expand existing use cases, respond to more new customers, and prepare for further opening up the platform to third-party developers and business partners.

Billon's business partners include FIS, Microsoft, the Polish Credit Bureau, Poland's second-largest life insurance company Warta Insurance, the world's largest tobacco company Philip Morris, and a dozen customers in the expansion phase.

Billon Group

At the time of the announcement of the Series A financing, banks around the world are actively seeking a national digital currency “cash on chain” blockchain architecture that conforms to the existing regulatory structure.

As a registered e-currency issuer in the UK and Poland, Billion is an industry leader in creating solutions using its distributed digital cash architecture, and the architecture can meet existing payment requirements without changes.

In addition, Billon is expanding its trusted document management capabilities, including the ability to protect "on-chain" complex data sets and selectively share data elements. This is in contrast to the Ethereum architecture, where architectures such as Ethereum typically off-chain store documents at full backup costs and then link such documents to a hash value.