Blockchain startup claims funding "milestone" and big name board members

William Turvill
Follow William
Sir David Walker is Setl's chairman (Source: Getty)

London-based blockchain startup Setl has named two new high-profile board members after closing its first private funding round.

Rachel Lomax, the former deputy governor of the Bank of England, and Ed Richards, the former chief executive of broadcast regulator Ofcom, have joined ex-Barclays chairman Sir David Walker on the board.

Setl also said it would be naming a further appointment shortly.

Read more: Breaking the mould: What the future of insurance looks like

Launched in July 2015, Setl is a blockchain-based payment processor and settlement company.

The platform claims to be able to process more than 1.4bn transactions a day.

"This is a milestone in the development of Setl and one which I believe strengthens the company’s position significantly," said Walker, Setl's chairman.

"At this stage in the company’s growth it is important to choose the right partners and to deliver a dependably resilient product to the market."

Read more: This British blockchain startup just hired a major banker

He added: "We are also delighted to confirm further appointments to the board. Joining as non-executives are Rachel Lomax and Ed Richards. Each of these directors brings a wealth of experience in the financial, regulatory and corporate governance spheres. Their oversight of the growth and development of Setl will be invaluable to the executive team and shareholders alike."

Peter Randall, Setl chief executive, said: “We are pleased to announce that we have closed fundraising with initial partners and have agreed scope on a number of projects."

Related articles