Blockchain payments startup Align Commerce, a next-generation global payments provider, has just announced that it has closed a $12.5 million Series A round of funding led by Kleiner Perkins Caufield & Byers (KPCB).
The investment positions Align Commerce to accelerate the disruption of the outdated, $25 trillion international payments industry.
“This Series A round of funding from KPCB allows us to expand our solution into more markets, and bigger geographical coverage.”
Align Commerce (Align) says they are breaking away from the opaque, expensive and time-consuming methods of sending funds overseas with banks and traditional payment providers by leveling the playing field for small and medium-sized businesses (SMBs) in cross-border payments. Align added they have pioneered an electronic “multi-rail” payments platform that combines blockchain, an encrypted, data-driven rail, with traditional bank wire and treasury management rails.
Blockchain is a new electronic rail for secure payments that simplifies the process of sending and receiving money across borders, routing it from Point A to Point B without having to use intermediary banks – or pay the fees associated with them. Align’s multi-rail platform lets small businesses, which historically have paid the highest fees for bank transfers, take back control of the payment process by routing transfers quickly, safely and simply on the rail that offers the greatest benefit to their business.
“For far too long the cost and complications of existing payment systems have hindered startups and SMBs from fully capitalizing on global trade,” said Marwan Forzley, CEO of Align Commerce. “The Align Commerce platform cuts through time-consuming red tape and excessive fees that have unnecessarily burdened users. Existing systems have seen little innovation in the face of game-changing new technologies, and the entire experience is overdue for a radically different approach.”
By giving businesses access to its proprietary multi-rail platform, Align reduces costs, cuts payment processing times and enhances the payment experience for the SMB community.
“Every year, banks charge small businesses $50 billion in wire and foreign exchange fees. Imagine a highly simplified experience in which proceeds from the savings in fees are injected back into the economy, thus contributing to additional employment, business spending and other avenues,” Forzley said. “This Series A round of funding from KPCB allows us to expand our solution into more markets, and bigger geographical coverage.”
KPCB general partner Randy Komisar will join Align Commerce’s Board of Directors, bringing a range of technology experience to Align’s leadership. A founding director of TiVo and former senior counsel for Apple, Komisar is well-known in Silicon Valley as an expert on entrepreneurship and managing innovation.
“The Align Commerce platform is not only a creative and transformative use of the blockchain technology, but a fundamental reimagining of how global payments can and should be done,” said Komisar. “By offering a quick, reliable, and inexpensive method of exchanging money across borders, Align Commerce is empowering entrepreneurs and SMBs to expand into global markets without the friction of bank wire systems. We see incredible potential in Align Commerce as a superior digital path to convenient, transparent cross-border transactions.”
In addition to KPCB, SVB Ventures, Recruit Venture Partners and existing Align Commerce investors participated in the round, including Pantera Capital, Digital Currency Group and FS Venture Capital LLC.
For more on the Align Commerce Payments Platform and how Align Commerce is enabling faster, simpler and less expensive overseas payments for small businesses, visit AlignCommerce.com. To sign up, visit https://www.aligncommerce.com/dashboard/register.
- Gibraltar Jumps on Regulatory Bandwagon – Issues Consumer Warning on ICOs – Token Sales – But Gives Green Light - September 24, 2017
- From the Creator of ICOs – J.R. Willett Designs Uptoken – To Accelerate Expansion Of Global Crypto ATM Network - September 23, 2017
- Art Provenance Platform ARTEX Launching Token Sale - September 23, 2017
- Students Train for Blockchain Jobs at Coding and Cryptocurrencies Summer Course in Greece - September 23, 2017
- Central Banks are Trialling Blockchain, Cambridge Study Shows - September 23, 2017
- Blockchain Conquering Esports Industry - September 22, 2017
- Russian-based Startup LavkaLavka Plan to Disrupt Global Eco Farming and Organic Food Retail Sector with BioCoin - September 22, 2017
- Slack Out, Rocket.chat In – Blockchain Community Leaders Aragon Lead Industry Exodus Amid Marked Increase In Phishing Scams - September 22, 2017
- Swiss Supply Chain Startup AMBROSUS Launches Token Generation Event - September 22, 2017
- Codemojo (Backed by PayPal Incubator) is launching its ICO to Mobilize $360 Bn worth of Reward Points Globally - September 22, 2017
- Investment into Blockchain start-ups set to hit $3bn in 2017 - September 22, 2017
- Opporty Announces ICO and Token Sale Starting October 18th 2017 - September 21, 2017
- Medicalchain To Speak At The Upcoming Financial Times Digital Health Summit On Oct. 12, 2017 - September 21, 2017
- Adel Will Upgrade Its Blockchain Incubator Using Jelurida’s Latest Technology - September 21, 2017
- Etch Foundation Announce Token Sale - September 21, 2017
- Jamie Foxx dives into cryptocurrency – invests in COBINHOOD - September 21, 2017
- New Creditinfo App and Services Utilize Blockchain-Based ShoCard Identity Platform to Maximize User Privacy while Authenticating Credit Report Data - September 21, 2017
- Disruptive Truck-Sharing Company Doft Sells Doftcoins to Truckers, 3PLs and Freight Shippers with 50% discount during Pre-ICO - September 21, 2017
- Carnegie Mellon University and BitClave partner to improve the search experience - September 21, 2017
- Darfchain Successfully Implements Its Distributed Erp System Encompassing Odoo, Bigchaindb And Ethereum Technology - September 21, 2017
- ASX-Listed iCandy Interactive Limited Announces Backing For Independent Blockchain Based Crypto-Currency “Project Nitro” To Support And Democratize Game Development - September 21, 2017
- Ethereum Co-founder Anthony Di Iorio Joins BlockMason as Advisor - September 20, 2017
- Nuggets Announces Token Sale for Revolutionary Blockchain Platform for Secure Private Payments and ID Verification - September 20, 2017
- Preeminent Investor & CNBC Contributor BRIAN KELLY Joins Veridium Labs Board of Advisors - September 20, 2017
- Dragonchain, Originally Developed at Disney, Announces October 2nd Token Sale To Bring The Power Of Blockchain Technology To Business - September 20, 2017
- Social Payments App Moneymailme Announces Development Of A New Blockchain Platform Called Modex Marketplace - September 20, 2017
- Blockchain-Fuelled Public Opinion Poll Startup ClearPoll Announce Presale - September 20, 2017
- SmartOne Launches Legal Solution for Crypto Community – Announce LEGAL Tokens - September 19, 2017
- HydroMiner Announces ICO and First Token Sale Starting September 25th 2017 - September 19, 2017
- LEVERJ AnnouncesFully Functional, Non-Custodial Cryptocurrency Derivatives Trading Platform - September 19, 2017
- DataBroker DAO, a Decentralised Marketplace for IoT Sensor Data, Token Sale Is Live - September 19, 2017
- Poseidon Brings Value To Nature Through Carbon Blockchain Technology - September 19, 2017
- Options and Futures on the Blockchain Board of Derivatives. PRE-SALE begins on 22th September at 8AM GMT. - September 18, 2017
- Blockchain-based Digital Advertising Ecosystem Papyrus to Launch Token Generation Event on 12 October - September 18, 2017
- Propy Raises $15 Million in ICO to Decentralize Real Estate Sales and Attract Foreign Investors - September 18, 2017
- The Financial Commission Issues Certification of the Genesis Vision ICO - September 18, 2017
- Blockchain Industry and Regulatory Leaders Launch Token Alliance - September 18, 2017
- PayPie Challenges Experian, Equifax and TransUnion Status Quo with the World’s First Ethereum Blockchain-Based Credit Risk Assessment - September 18, 2017
- YouNow Announces the PROPS Ecosystem, Brings Cryptocurrency to Mobile Video - September 18, 2017
- Dash Grows in Accessibility; Listed on London Digital Asset Exchange and Broker Dash partners with CEX.IO - September 18, 2017
- Qtum Ignition Tackles Scalability with First Decentralized Governance Protocol - September 18, 2017
- The Grant Hero Foundation Aims to Disrupt the Non-Profit Industry with the GIVE Coin Using Ethereum Blockchain Technology - September 18, 2017
- Trippki Announces Hotel Booking and Rewards Platform to Simplify & Monetize Traveling - September 18, 2017
- Democratic Cryptocurrency Exchange Mandarin.top launches ICO - September 18, 2017
- Talla Launches Botchain, a Blockchain-Based Platform for Ensuring Certainty and Security in A.I. Autonomous Agents for Business - September 18, 2017
- NXT Blockchain Announces Big Changes for Voting, Money Transfer and More - September 17, 2017
- Swirlds Raises $3M Seed Round to Bring Improved Performance, Security to Distributed Ledger Applications - September 17, 2017
- ICOBox Token Sale Tops 3933 BTC For New and Existing ICOs - September 17, 2017
- 21 Thousand People Contribute To Kybernetwork As Company Reports ‘Smooth’ ICO - September 16, 2017
- Arna Genomics Introduces A Revolutionary Solution For Cancer Diagnostics And Treatment Biotechnologies – Blockchain Ecosystem Arna Panacea. - September 14, 2017