EMERGING TECH
EMERGING TECH
EMERGING TECH
Polish e-money blockchain firm Billion Group raises $2M
Poland-based e-money services company Billion Group announced a successful first round of funding representing a total of $2 million.
Billion’s vision is to provide electronic access to money and digital currency in a manner similar to a bank. To do this, Billion created a platform using distributed ledger technology, called a blockchain, to provide a suite of financial services for customers and to comply with “know your customer” and anti-money laundering regulations in Europe.
A United Kingdom investor base led the round, which brings the total for Billion to $5 million. “We are very pleased that investors have responded as they have towards Billon Group’s fundraising,” said Andrzej Horoszczak, chief executive and founder of Billon Group, quoted by IBS Intelligence.
The company’s financial products include Billion Quik, a one-click payment solution for merchants and users; QuikLoan, a blockchain-powered loan solution; QuikRemit, a money transfer service; and QuikAccount, a user-friendly online and mobile account that can hold money and provide mass payouts.
Billion’s services are “fully interconnected with the existing banking system” and support major European currencies including Euros, British Pounds and Polish Zlotys.
Earlier this year, the Financial Conduct Authority, the United Kingdom’s financial supervisory body, included Billion Group in a short list of the first companies permitted to use blockchain-technology for money transfer and banking services. The company was chosen to participate in this experimental regulation alongside eighteen other financial institutions, including HSBC Bank and Lloyds Banking Group, as part of what the FCA calls Project Innovate.
Horoszczak added that the company intended to expand globally, which the new money and experience within the United Kingdom’s regulatory framework would make possible. “Billon Group’s Polish technology centre has one of the strongest blockchain teams worldwide,” he said, “and we are well poised to continue to be a first mover in true e-money distributed ledger solutions.”
Further details on Billion’s products and apps can be found on the company’s website along with signups for customers.
Featured image credit: Pixabay
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