On April 28, CoreChain Technologies, which is the first B2B payments network that is built on blockchain, announced that it has already secured $4.2 million in seed financing.
This funding round was spearheaded by Ulu Ventures with active participation from other existing investors like Bloccelerate VC, New Form Capital, Connecticut Innovations, and new investors like SaaS Venture Capital, Angeles Investors, Motivate Venture Capital, and Next Coast Ventures. Up to today, CoreChain has managed to raise $5.5 million in total funding, including $1.25 million in pre-seed funding that was announced in August 2021.
Since it was launched in September 2021, CoreChain solutions have managed to process more than $1 billion in B2B payments for enterprise buyers, which include channel customer transactions. In October last year, the firm said that it had partnered with Scanco Software, the leader in warehouse, manufacturing, and supply-chain management solutions for Sage, to co-create an integration of the CoreChain payments network together with Scanco’s software products.
Available as a white-label platform, CoreChain lets any ERP or Business Process Automation software company, banks, and other payment networks, provide various blockchain-based B2B payments and financing services to its enterprise clients.
The CoreChain Network supports simple and secure digital B2B payments between the buyers and their suppliers, which helps in leveraging enterprise Blockchain DLT (Distributed Ledger Technology) to assist firms to operate more efficiently.
By transitioning businesses away from inefficient legacy ‘paper check’ based solutions to a contemporary digital payments technology stack, CoreChain is now simplifying business processes and assisting businesses to increase profits via automation and boosted security.
CoreChain currently supports a massive choice of digital payments solutions, like Virtual Cards, eChecks, ACH, and digital assets including Stablecoins, guaranteeing that it can be readily leveraged for all the partners and customers, irrespective of their preferred mode of payment.
Notably, CoreChain also unlocks chances of lending to finance the working capital that is being held in unpaid invoices that mostly age toward settlement due dates, often 30 to 120 days in arrears. CoreChain Founder and CEO, Chris Aguas, stated:
“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. 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.”
Steve Reale, CFO and Partner at Ulu Ventures, concluded:
“The landscape of enterprise finance has undergone massive change in just the last decade alone. Blockchain and distributed ledger technology have rewritten the B2B payments and financing script, ushering in new ways of doing business. CoreChain is connecting businesses with the modern financial mechanisms that are faster and more secure than what’s being used in today’s linear environments.”