Transparent Financial Systems is in the process of creating a decentralized compensation settlement system. The startup, based in Seattle just finished their Series A fundraising round which saw a total of fourteen million dollars raised.
Pantera Capital is credited with leading this round, which also saw participation from Square, which was founded by Jack Dorsey, the Twitter co-founder. Other participants in this series included CMT Digital, Digital Currency Group, IDEO Colab Ventures, and Perfect\Future Ventures.
The close of this Series round of fundraising has helped bring the total amount raised by Transparent Financial systems to twenty-two million dollars. In July 2018, the company was able to raise eight million dollars from Vulcan Capital in the form of seed financing.
Transparent CEO, Alex Fowler, informed The Block that the money raised in this series would go towards expanding the Transparent team. This would include accelerating product development as well as recruiting enterprise software engineers. He, however, was unwilling to provide a true valuation of the company.
The firm was founded as Vulcan Inc. in 2018. However, it later spun out of the organization in July of the same year to become an independent entity. Its main goal is to alter the cash payment procedures. Fowler told The Block that:
“We are building a new, cryptographically secure, real-time settlement solution that removes transaction costs and friction associated with traditional payment rails.”
Our decentralized network eliminates single points of control that hold back current financial systems and solves for settlement time constraints and money spent on transaction fees.”
Sources within Transparent intimated to The Block that the company is almost done building its beta program. It’s a program that has been built in conjunction with numerous other fintech and financial services companies in the United States.
During his sit down with The Block, Fowler stated that their main objective at the moment is to come up with a product aimed at meeting business to business payments, as well as treasury management. This would make it easier for firms to manage USD settlements on a real-time basis.