Billon Group secured $6 Million in a Series A Funding Round for its Distributed Ledger Platform

Billon Group revealed a $6 million in the Series A funding round. With the latest funding round, Billion has secured total funding to more than $16 million, including grants.

Apart from the existing investors and the CEO, some of the main finance contributors include the Mencey Capital, VCF IIIa, FIS, and Rising Tide.

Founded in 2015, UK based Billon offers a proprietary Proof of Stake permission blockchain. network. Unlink Ethereum or similar architectures, where only data references are stored at blockchain, Billion's DLT stores documents and data on-chain. The company also claims its distributed ledger technology is GDPR compliant.

The company intends to use the latest funds to scale its DLT platform's use cases. Additionally, Billion will open its blockchain platform to commercial partners as well as third-party developers. The company aims to expand the capabilities of Trusted Document Management.  Along with this funding, Billion has onboarded Wojtek Kostrzewa as CEO and Anand Phanse as CFO in addition to its existing org structure.

Executive Opinion

Billon Group, CEO Wojtek Kostrzewa, said, "Series A funds will be used to scale existing use cases, respond to many new clients and to begin preparation for opening the platform further for third party developers and commercial partners."

About the Billon group

The company also revealed that its commercial partners include the FIS, Polish Credit Bureau, Philip Morris, Microsoft, and others.

Back in the year 2018, the startup also anticipated the FIS VC Accelerator program and subsequently signed a deal with the FIS to explore the identity management and electronic document. The Polish Credit Bureau is also using the Billon platform to track credit histories in the country.

The other main application is for transactions and accounts targeted at bank accounts. It provides real-time settlements of domestic and cross border payments. The distributed ledger technology platform helps the fiat money to be digitized, and the firm is registered as an e-money issuer in Poland and the UK.

One of the biggest claims made by the company relates to performance. It can settle more than five million documents and 160 million payments in a day.

Update: This article is updated for title text