Fluent, the financial operating network for global commerce built on Blockchain technology, has just released it has raised $1.65 million in a series seed funding round led by ff Venture Capital and joined by Digital Currency Group, Crosscut Ventures, Draper Associates, Fenbushi Capital, Lindbergh Tech Fund, and the St. Louis Arch Angels. The seed funding round brings Fluent’s total capital raised to $2.5MM following a November 2015 pre-seed financing led by Draper Associates with participation from Thomson Reuters, UMB Bank, 500 Startups, SixThirty, and others.
Fluent has also announced their relationship with, Commerce Bancshares (NASDAQ: CBSH), a Forbes Top-20 US Bank headquartered in Kansas City, MO, who has been participating in the Fluent Network pilot program since February 2016.
The Fluent Network powers applications built for global trade and the financial supply chain. The Blockchain-based platform reduces risk and enables new, transformative types of enterprise financial applications including real-time B2B payments, supply chain finance, and a peer-to-peer working capital marketplace.
“Fluent is offering a robust solution—backed by an exceptional team—to help businesses better manage credit in their supply chain,” said John Frankel, Partner, ff Venture Capital. “Fluent is harnessing the underlying technology in cryptocurrency to enable pain-free supply chain financing. This is a space we have been interested in for some time and excited to see such a talented team take a novel approach to reducing friction in global supply chain commerce.”
Other investors include Draper Associates, Crosscut Ventures, Digital Currency Group, and Fenbushi Capital. This group of investors shows a commitment to Blockchain innovation and will provide Fluent with the network and insights it needs to continue to grow.
“We are excited to see Fluent adopting the core technology underlying the bitcoin Blockchain to build a financial network that enables real-time, peer-to-peer financial transactions within a trusted network of stakeholders in a value chain,” said Barry Silbert, Founder, CEO of Digital Currency Group. “Their solution makes supply chain finance impressively simple and intuitive for banks and companies alike.”
Fluent will apply its series seed funding to grow the engineering team, bolster business development and expand its sales force to provide banking partners and non-bank lenders alike—such as alternative finance providers, asset-based lenders, and hedge funds—a seamless platform for lending into global supply chains.
“We’re leveraging distributed ledger technology to drastically reduce risk, streamline and automate settlement, and connect previously siloed solutions in trade and the financial supply chain,” said Lamar Wilson, CEO of Fluent. “Building on and connecting parties on one frictionless financial fabric enables us to build solutions never before possible on antiquated, disconnected settlement rails.”
The announcement of Fluent’s series seed financing round and banking partner emerge after the company spent nearly a year in stealth mode, building the platform and working with enterprises to further understand the challenges and opportunities they face in their financial operations. As Fluent continues to grow and serve its partners, it aims to become the first supply chain solution for large enterprises to go live in the Blockchain space.
“With this seed financing round, we’ll continue to execute on our vision of rewiring the world’s financial circuits to power long overdue improvements in trade finance and global commerce at-large,” said Lamar Wilson, CEO of Fluent. “We look forward to working with additional banking and corporate partners to help create a new paradigm in trade and supply chain finance.”
- Blockchain-Based Travala.com Teams Up with Dash For Hotel Booking Payments - July 18, 2019
- SEC And FINRA Approves First Reg A+ Token Offerings - July 18, 2019
- Tokinex Tolken Sale Sells out in 35 Seconds - July 18, 2019
- 18 Organisations Launch The Convergence Alliance To Enable A New Open Data Economy Built On The Decentralized Web - July 9, 2019
- Bittrex Acquires Tradedash - July 3, 2019
- Korea’s Cube Systems Rolls Out New Blockchain eCommerce Platform - July 3, 2019
- Clinlogix Joins ALTEN Calsoft in Launching Blockchain for Clinical Trials - July 3, 2019
- Binance Charity forms alliance with 46 companies to unveil a stablecoin for the alleviation of period poverty - July 3, 2019
- Nestlé Breaks from IBM Food Trust Blockchain Group for New Milk Supply Chain Trial - July 3, 2019
- Tokeny Solutions Digital Asset Platform Gets €5 Million Backing from Euronext - July 3, 2019
- Blockchain Venture Capital Funding Reaches $822 Million in 2019 - July 1, 2019
- Toronto’s Creative Destruction Lab Joins Facebook’s Libra Association - June 19, 2019
- Australia’s Power Ledger to bring P2P Energy Trading to Austria - June 19, 2019
- Litecoin Foundation Teams Up With Bibox And Ternio On Special Edition Litecoin Debitcard - June 19, 2019
- US Legislators Call for Halt to Facebook’s Cryptocurrency Plans – And to Face Congress - June 19, 2019
- Hyperledger Welcomes Diverse Line-up of New Members for Identity Project - June 18, 2019
- Facebook Announces Calibra Digital Wallet and Libra Cryptocurrency - June 18, 2019
- MIT Professor Silvio Micali’s Algorand Project Announces Date for First Auction - June 6, 2019
- SEC sues Canadian Messaging Service Kik Selling Unregistered Securities in its $100 million ICO - June 4, 2019
- CrowdEngine Teams Up With Polymath Adding Security Token Issuance to List of Crowdfunding Services - June 3, 2019