CoreChain, a B2B payment startup based in New Haven, raised $1.25 million in pre-seed funding to harvest blockchain technology for enterprise payments.
The funding round counted with the participation of firms like Ulu Ventures, Connecticut Innovations, Bloccelerate VC, and New Form Capital. The funds will be used to accelerate enterprise customer adoption and accelerate the aggressive expansion of its payment and financing network.
Blockchain technology has made cross-border payments easier than ever, allowing companies to find alternatives to traditional banking systems. Now, CoreChain is streamlining the process that has been used for decades while also reducing the risk of fraud. Chris Aguas, Founder & CEO of CoreChain, referred to this mission by stating:
“B2B payments in North America are notoriously difficult, inefficient, and prone to fraud risk, with the majority of all payments still settled via paper check. Our blockchain technology allows companies to establish an automated payment process that’s faster and more secure than what is used in today’s linear environments.”
The startup was founded back in 2020 and has already processed over $300 million in B2B payments for customers such as PaymentWorks while also offering its solutions like a white-label platform for financial institutions to take advantage of. The platform also offers native support for different blockchain networks to support the settling of funds via digital assets and digital currency, providing enterprises with more flexibility.
With blockchain technology becoming more popular in the financial industry as a result of new niches like Decentralized Finance, which have forced regulators to create a regulatory framework for the industry, solutions like that offered by CoreChain are likely to become increasingly relevant. Thayer Stewart, CEO of PaymentWorks, referred to this trend by stating:
“CoreChain is the future of enterprise payments. It provides a future-proof platform with immutable transaction data and offers settlement mechanisms that move dramatically faster – and with more conveniences – than legacy systems.”
The B2B payment startup is looking to become the go-to platform for B2B marketplaces and software platforms with a commerce volume between $5 and $50 million, revolutionizing how enterprises complete payments.