Baton Systems (‘Baton’), a provider of distributed Ledger-based capital market solutions, received a $4 million investment from Illuminate Financial Management. Baton’s total funding of $16 million, including investors Trinity Ventures, Aussip Louie and Commerce Ventures, will be used to accelerate its global roll-out, particularly in EMEA, where Baton recently opened its London office.
The addition of Illuminate Financial, based in London and New York, to the Board adds industry specialization and regional focus as the Baton business seeks to deploy its post-trade settlement platform across top-tier banks and infrastructure providers, including major clearing houses. The platform already enables banks, such as JPMorgan, to drastically reduce the payment and settlement process from days to less than three minutes
“Baton was created to solve inefficiencies in global payment systems, and we have made great progress in addressing the structural challenges facing the industry,” said Arjun Jayaram, CEO and Founder of Baton Systems. “A growing number of banks and clearing houses realize that a fast, standardized and immutable approach to asset transfer is the only viable path forward. The confidence shown by an industry-focused investor, such as Illuminate Financial, and our existing stakeholders further validate our vision for a streamlined and efficient settlement model. “That’s right.
“Baton’s speed and accuracy is eliminating many of the problems that legacy systems have burdened the global settlement ecosystem for decades,” said Mark Beeston at Illuminate Financial. “We are excited to play a part in Baton’s journey as the Company modernizes the settlement landscape and scales its business across major financial institutions in Europe and North America. “That’s right.
In October 2019, Baton appointed Alex Knight, a veteran of the FX banking industry, as Head of EMEA. The funding also follows a number of high-profile wins for the Company in Europe, including a successful pilot with the Bank of England, which provides a renewed real-time gross settlement (RTGS) service to enable their systems to connect and settle central bank money.
The Baton About
Baton Systems is reforming how payments are made on the world’s largest financial markets. By providing on-demand synchronization and orchestration of asset movements through its distributed ledger-based platform, it releases balance sheets and eliminates the need for capital-intensive pre-financing of FX and margin requirements. Founded in 2016 by veteran technology, payment and capital markets and backed by venture capital, Baton Systems works with a number of market participants – including major global banks, custodian banks and exchanges – to meet today’s capital efficiency, regulatory compliance and operational superiority requirements. Find out more about www Battonsystems Come on,
About Illuminated Financial Management
Founded in 2014, Illuminate Financial Management (Illuminate) is a London and New York specialized venture capital fund focused on enterprise technology and financial services software solutions. Our deep networks and partnerships with key industry participants, from banks to infrastructure providers, and the acquisition of side wealth managers, allow us to gain real insight into what the industry needs and help the companies we are back to achieve their full potential. Visit www for more information. Illuminate finance Come on,
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