Blockchain consortium R3 has raised a $107m series A round of funding from top banks like HSBC, Barclays, UBS and Wells Fargo

 
Lynsey Barber
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Big banks from Wall Street an beyonf have invested in the startup (Source: Getty)

One of the biggest consortium's working on blockchain technology has raised $107m from the world's top banks and other big name investors, it's been revealed.

R3 founder and chief executive David Rutter announced the huge figure for its series A round on stage at a blockchain conference in New York, calling the investment "unprecedented".

Investors include HSBC, Barclays, UBS, Bank of America Merrill Lynch, Nomura and more financial institutions, numbering more than 40.

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And that figure is set to rise as R3 plans to raise a third tranche of cash in the round later in the year from more investors who are not members of the consortium or institutional investors.

Intel and Singapore's state private equity investment firm Temasek Holdings are among the few investors to take part which are not part of the group.

The group is working on a smart contracts platform called Corda which uses blockchain's distributed ledger technology (DLT) to speed up the cost of settling transactions and reduce costs.

Read more: Bank of England opens way to blockchain for payments in future

"Many of the world’s largest financial firms have come together not just with capital support, but with a robust commitment to work with R3 in developing industry solutions that will be the building blocks of the new financial services infrastructure. We’ve got unparalleled momentum," said Rutter.

R3 has more than 80 members, including banks, clearing houses, exchanges, market infrastructure providers, asset managers, central banks, regulators, and professional service firms.

Missing from the huge line-up of banks, however, are high profile former members Goldman Sachs and Santander which left earlier this year and JP Morgan which quit last month.

Who invested in R3?

Banco Bradesco

Bangkok Bank

Bank of America Merrill Lynch

Bank of Montreal

BNYMellon

Barclays

BBVA

BNP Paribas

B3

Canadian Imperial Bank of Commerce

Citi

Commerzbank

Commonwealth Bank of America

Credit Suisse

CTBC FInancial Holding

Daiwa Securities Group

Danske Bank

Deutsche Bank

HSBC

ING

Intel Capital

Intesa Sanpaolo

Itau Unibanco

Mitsubishi FInancial Group

Mizuho

Natixis

Nomura

Nordea Bank

Northern Trust

OP Cooperative

Ping An

Royal Bank of Canada

SBI Group

SEB

Societe Generale

Sumitomo Mitsui Banking Corporation

TD Bank Group

Temasek

The Bank of Novia ScotIa

The Royal Bank of Scotland

US Bank

UBS

Wells Fargo

Westpac

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