Adhara has raised a USD 7.5 million Series A round led by Germany’s Yabeo and the UK’s Force Over Mass Capital (FOM).
The enterprise blockchain startup is best known for its central bank digital currency (CBDC) work in South Africa and as the blockchain technology partner to Fnality, a tokenised central bank payments solution. Other investors include Tokentus and ConsenSys, which previously provided Adhara’s USD 15 million Series A round in 2018.
The funding will be used to further the development of commercial banking solutions. Two of the Adhara solutions are both targeted for banks to use for intragroup transactions. One is LiquidityHub T.0 which enables banks to pool cash, by tokenising all its sterling and euro balances, reducing the intragroup Nostro account balances and other correspondent accounts. Tokens can simply be transferred between subsidiaries. Expanding that to all currencies reduces the amount of liquidity required across a bank.
The second solution, PayHub T.0 complements this functionality by enabling better payment routing. There is also a third solution, Treasury T.0 which enables a similar kind of white-label solution for corporates and especially midsize firms with international reach. It enables the companies to have visibility into their liquidity around the world and make multi-currency payments. Additionally, it allows them to hedge their foreign positions.
The startup has a team of 34 with companies in the UK, Spain, and South Africa. When Adhara makes a payment from the UK to Spain via Santander, the transaction is routed through bank accounts in the US. And the currency conversion is done with the dollar as an intermediate currency.
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