Three of the big four banks back Lygon, and it has scored another $12.75 million in an oversubscribed funding round for its expanding digital bank guarantee product.
Lygon, a blockchain start-up created as a joint venture between Scentre Group, Australia and New Zealand Banking Group, Westpac Banking Corporation, Commonwealth Bank of Australia and IBM, has banked another $12.75 million in an oversubscribed funding round.was founded on the back of its corporate partners realising they needed to collaborate to solve a problem that caused significant inefficiencies: 200-year-old paper-based bank guarantees.
Based on IBM’s Hyperledger technology, it allows ANZ, Westpac and CBA to store their instruments securely on a single platform, which can then be accessed by multiple users in the property sector.Originally, Lygon had set out to raise $10 million, but chief executive Justin Amos said it increased the size of its capital raise due to higher than expected demand from its backers.
Mr Amos said it would also fund research and development work, and a push into new industries such as insurance and environmental, social and governance . “It’s a game-changer from a customer experience perspective. In terms of bank guarantees, they were paper-based systems that are not good for anyone. They’re expensive, prone to delay, and there is operational fraud everywhere.”
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