Blockchain technology payments provider, Align Commerce, has closed a $12.5 million Series A round of funding led by Kleiner Perkins Caufield & Byers (KPCB).
Along with KPCB, SVB Ventures, Recruit Venture Partners and existing investors participated in the round, including Pantera Capital, Digital Currency Group and FS Venture Capital LLC.
According to Align Commerce, the company has developed an electronic multi-rail payments platform that combines blockchain with traditional bank wire and treasury management rails.
Marwan Forzley, CEO of Align Commerce, said,
For far too long the cost and complications of existing payment systems have hindered startups and SMBs from fully capitalizing on global trade. The Align Commerce platform cuts through time-consuming red tape and excessive fees that have unnecessarily burdened users. Existing systems have seen little innovation in the face of game-changing new technologies, and the entire experience is overdue for a radically different approach.
Every year, banks charge small businesses $50 billion in wire and foreign exchange fees. Imagine a highly simplified experience in which proceeds from the savings in fees are injected back into the economy, thus contributing to additional employment, business spending and other avenues. This Series A round of funding from KPCB allows us to expand our solution into more markets, and bigger geographical coverage.
KPCB general partner Randy Komisar will join Align Commerce’s Board of Directors, bringing a range of technology experience to Align’s leadership.
The Align Commerce platform is not only a creative and transformative use of the blockchain technology, but a fundamental reimagining of how global payments can and should be done. By offering a quick, reliable, and inexpensive method of exchanging money across borders, Align Commerce is empowering entrepreneurs and SMBs to expand into global markets without the friction of bank wire systems. We see incredible potential in Align Commerce as a superior digital path to convenient, transparent cross-border transactions.
A founding director of TiVo and former senior counsel for Apple, Komisar is well-known in Silicon Valley as an expert on entrepreneurship and managing innovation.
In April 2015, Align Commerce released a beta of its cross-border payments platform. In a pilot program, the University of Nicosia in Cyprus has been using the beta platform to process cross-border payments in its international divisions.