The Swiss-based B3i platform has expanded the group of investors it has in its ongoing funding round. The insurance company released the information in a recently published press release. Now, the firm has three new insurers and reinsurers hat will be participating in the funding round.
B3i’s Network of Investors Expands
The announcement released by the company shows that the first phase of the product is scheduled to be launched during the last quarter of the current year. At the same time, the firm has decided to form a new Board of Directors that includes nine senior executives of the investor companies.
Antony Elliott, the Group Head of Business Transformation at Zurich Insurance Company, explained about it:
“B3i’s community of shareholders and other network participants exceeds 40 companies who represent over half of the world’s reinsurance premium and major primary insurers. B3i will continue to expand its shareholder and user base over the next several months as the initial products are rolled out.”
B3i is a blockchain initiative that focuses on risk placement, accounting and also claims. The firm has already been working on a specific product that is based on the R3 Corda network. The main intention behind it is to increase the efficiency and security of the whole insurance industry.
B3i was also able to raise around $16 million in February. This shows that there are interested investors in placing their funds in this company. The trade finance platform Marco Polo has also completed the first real transaction between Germany and China.
There are new initiatives in the market in order to provide better services for firms that make transactions across borders.