CoreChain Technologies, a digital B2B payments network built on blockchain, has raised $1.25 million in pre-seed funding.
Ulu Ventures, Connecticut Innovations, Bloccelerate VC and New Form Capital joined the round for the US startup, which launched last year and has already processed over $300 million in B2B payments for enterprise buyers.
Using enterprise blockchain technology to power B2B payments and financing, CoreChain is promising to streamline the manual processes and painful reconciliation that have long dogged firms.
The firm says it also unlocks lending opportunities to finance the working capital being held in unpaid invoices that age towards settlement due dates, frequently 30 to 120 days in arrears.
Available as a white label platform, CoreChain allows any ERP or Business Process Automation software company or even banks and other payment networks to offer blockchain-based B2B payments to its enterprise clients.
The startup also natively supports settling funds via digital assets and digital currencies, as well as exchanges with other cryptographic currency networks such as Ethereum, creating alternatives to existing rails for direct lending and settlement.
Chris Aguas, CEO, CoreChain, says: “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.”