Latest Mencey Capital News
Mar 26, 2020
Distributed Ledger Technology: Billon Group Riases $6 Million Series A Billon Group has now raised over $16 million with a recent Series A funding round of $6 million. This newest capital investment was led by Billon CEO Wojtek Kostrzewa with participation from FIS, Rising Tide, Mencey Capital, VCF III, existing investors and more. Billon is developing distributed ledger technology (DLT) that is designed to process national currency and business documents as well as identity management into a single platform. The system claims to be a solution for “transacting micropayments at scale” while benefiting from blockchain tech that is compliant in a regulated world. Billon states that the funding comes just as national banks across the globe are actively seeking “cash-on-chain” blockchain architectures that comply with existing regulatory structures for digitized national currencies. Billon is a registered e-money issuer in both the UK and Poland. High-Performance DLT Billon says it is also expanding its “Trusted Document Management” capabilities providing a service that is superior to Ethereum and other popular forms of blockchain that “effectively [fail] to eliminate the legacy systems that DLT is intended to eliminate.” Kostrzewa said the Series A funding will be used to scale and respond to many new clients. Commercial partners include FIS, Microsoft, the Polish Credit Bureau, Warta Insurance, Philip Morris and “over a dozen clients in various stages of scaling.” As well as Kostrzewa as CEO, Billon has hired Anand Phanse as CFO, Andrzej Horoszczak, co-founder and Chief Technology Officer, Robert Kaluza as Chief Operating Officer, David Putts as Chief Growth Officer and Jacek Figula serving as Chief Commercial Officer. Billon Group Ltd. was founded in the UK in 2015, following several years of R&D in Poland.