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CoreChain’s B2B Blockchain Payments Network Gets More Funding

Steve Murphy by Steve Murphy
April 28, 2022
in Analysts Coverage, B2B, Blockchain, Funding
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CoreChain's B2B Blockchain Payments Network Gets More Funding

CoreChain's B2B Blockchain Payments Network Gets More Funding

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This piece is posted in Finextra and announces a seed funding round for CoreChain Technologies, which we had mentioned on these pages last year (after a pre-seed round) as a Connecticut-based startup that uses blockchain to modernize payments processes. As most readers who follow our commentary about ongoing PR releases, the B2B payments space is in the midst of a generational transformation that has been fueling billions in VC, PE, M&A, and bank investment activity now for several years. The interest level picked up after the previous frenzy around consumer models migrated into the more complicated but massively larger corporate payment space. We would expect this overall investment trend will naturally flatten out as the multiple players either find clients or don’t. The overall FSI need for infrastructure overhaul will continue to be an opportunity for innovative and scalable models, but real-world success is fundamental, so those that show growth will continue to be around in ten years.

‘Since its launch in September 2020, CoreChain has processed over $1 billion in B2B payments for enterprise buyers, including channel customer transactions. In October 2021, the company announced a partnership with Scanco Software, the leader in warehouse, manufacturing and supply-chain management solutions for Sage, to co-develop an integration of the CoreChain payments network with Scanco’s software products.’

One of the things that we have been consistently pointing out in member research is the indirect value of digitalizing cash cycle systems and processes vis-à-vis utilizing captured transactional data for greater efficiency and effectiveness in tactical working capital decisions. This is one area in the CoreChain vision that fits directly into that area of opportunity for treasury operations across the corporate spectrum. 

‘“The Seed funding will allow us to greatly accelerate all areas of the business – from product development to sales and marketing – and continue to grow our payments volume,” said Chris Aguas, CoreChain Founder and CEO. “Our time is now as the opportunity is great. Supply chains and cash flows have been disrupted and access to working capital can be difficult to source. Streamlining modern payment and lending processes and adapting to the future of finance is more important than ever.”’

Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group

Tags: B2Bb2b paymentsBlockchaincash cycleCoreChaindigitalizationFunding
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