Centiglobe announced getting funded by Confidus Venture Capital.

Centiglobe, a Stockholm, Sweden-based startup developing a blockchain-based clearing service for the financial industry, announced completing an equity funding round of SEK 50M ($5.7M).

The money was raised from the local vaneture company Confidus, and will be used in R&D functions in order to improve the Centiglobe platform, secure patents and to further increase sales and delivery capacity.

Centiglobe, launched in 2017 by Henrik Gradin based on his research at KTH and led by CEO Petter Sandgren, is developing a real-time clearing and transaction system where currency conversion is done automatically in the system. The platform offers a decentralized, global solution that eliminates the need of the many intermediaries and that gives banks, financial institutions and businesses the possibility to send and receive payments globally. Instantly and directly between each other at a fraction of the cost compared to current solutions.

Centiglobe previously raised funding in 2020.