The 5-year-old British-Polish fintech Billon Group has accomplished £2 million funding supported by the Future Fund scheme, out there to promising UK tech companies in the course of the COVID-19 pandemic.
Billon secured funding commitments from angel traders and VCs of £1 million matched by the UK authorities by the British Enterprise Financial institution for a further £1 million. As a part of the settlement, Billon has the chance to draw extra non-public investments for as much as £500,000 by the top of October 2020, with all investments within the type of convertible mortgage notes.
Wojtek Kostrzewa, CEO Billon Group, feedback:
“The Future Fund settlement permits Billon to remain targeted on serving to shoppers pursue digital transformation and new enterprise fashions for a world modified by the pandemic. I’m very grateful to our traders and the Future Fund for a direct and optimistic response on the top of this disaster.”
The Future Fund was established by the UK authorities in April 2020 to assist startups and revolutionary corporations affected by the COVID-19 pandemic and financial downturn. This system requires non-public sector lead funding, with the federal government contributing on a match funded foundation. Thus far, the fund has invested in 320 corporations for a complete quantity of over £320 million.
Anand Phanse, CFO Billon Group, provides:
“This new funding in 2020 will assist the subsequent section of Billon’s improvement, and represents an endorsement that traders search pure distributed ledger know-how corporations which might be higher fitted to fixing nationwide foreign money and private knowledge challenges than sure early blockchain architectures. The pandemic will open new alternatives for revolutionary corporations like Billon.”
Billon beforehand raised over $13 million of fairness from traders, together with the current shut of its Collection A. As effectively, the corporate obtained a further $6 million in R&D grants from applications equivalent to EU Horizon 2020 (now rebranded as EIC Accelerator), the Polish Nationwide Centre for Analysis and Growth, and Innovate UK.
Billon created a DLT protocol and system particularly for tokenizing and transacting nationwide foreign money and processing delicate knowledge in compliance with laws, thus unleashing the transformational capabilities of blockchain applied sciences within the regulated world.
Billon’s underlying protocol was designed for top throughput ranges and low price of upkeep in a variety of environments. The system helps shoppers creating their very own enterprise-grade functions in areas of Accounts & Transactions, Trusted Paperwork, and Identification & Knowledge Sharing.
Billon Group Ltd. was based within the UK in 2015, following a number of years of R&D in Poland. Its distinctive DLT protocol has been supported by many R&D grants, together with the EU Horizon 2020 program. Billon is licensed to problem digital cash by regulators within the UK and Poland.
Billon’s rising consumer checklist consists of main corporations equivalent to FIS, Raiffeisen Financial institution Worldwide and BIK (the Polish credit score reporting company). Billon has workplaces in London and Warsaw.
For extra data, go to www.billongroup.com.