Envoy Group secures $13.5m investment for blockchain trade finance
Blockchain supply chain firm Envoy Group has raised $13.5 million in a venture round from Alcedo Digital Ventures.
Founded in 2018 and based in London, Envoy plans a launch in Q2 2020, and will use the investment to scale up its business.
The blockchain-based digital marketplace that Envoy offers was built on the Corda network from blockchain consortium R3.
It allows buyers and sellers to connect, and aims to solve the lack of access to finance that some exporters can experience in developing markets.
Participants can purchase NVOY tokens to use in their trades, and deposit a certain amount as a cost of their membership in the Envoy programme.
“The fastest way to solve the trade finance gap is to enable the flow of new funds available from financial institutions,” says Lee Tarone, CEO of the group, in a report from GTR.
““We built the solution from the ground up, which uses a tokenised payment system to deal with multiple currencies from multiple financiers across variant risk and reward profiles.”
Envoy integrates into legacy enterprise resource planning (ERP), customer relationship management (CRM), and finance systems via what it calls an “ultra-flexible API solution”.
The API ensures that all participants can “quickly and simply” migrate to Envoy and share relevant information across systems.
The firm launched its partner programme at the start of January and has begun work with trade partners in Latin America.