partnership

Setl, a blockchain startup for financial services, has received funding from business advisory firm Deloitte.

Based in London, the firm, which specialises in blockchain settlements and payments, completed an initial funding round back in July.

Its latest partnership with Deloitte aims to develop blockchain applications to increase transparency, lower costs and reduce complexity in the financial services industry.

Peter Randall, CEO of Setl, said: “We are thrilled that Deloitte has chosen to invest in Setl. We have been working with the firm over the past 12 months, and today’s announcement demonstrates Deloitte’s ongoing commitment to engage with our platform.

“Together, we have the opportunity to offer a unique blockchain service to a range of financial services companies,” he added.

This marks the latest in a series of investments made by Deloitte, and the firm says it has now invested in more than 30 startups through its £25m Innovation Investment Scheme.

David Myers, head of capital markets at Deloitte, commented: “Blockchain has the ability to transform the industry, and we have been investing heavily in real-world applications, such as identity management, cross-border payments, loyalty, trade finance and a number of others.

“By harnessing the capabilities of Setl’s blockchain, we can provide our clients with even more practical and transformational solutions,” he concluded.

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