CoreChain Technologies, a digital B2B payments network built on blockchain, has raised USD 1.25 million in pre-seed funding.

The funding came from investors that include Ulu Ventures, Connecticut Innovations, Bloccelerate VC, and New Form Capital and will be used to accelerate enterprise customer adoption and expand its payments and financing network.

Using enterprise blockchain technology to power B2B payments and financing, CoreChain is streamlining the manual processes and reconciliation, while mitigating fraud. CoreChain also unlocks lending opportunities to finance the working capital being held in unpaid invoices that age towards settlement due dates, frequently 30 to 120 days in arrears.

Since its launch in September 2020, CoreChain has processed over USD 300 million in B2B payments for enterprise buyers, including transactions for channel customers, such as PaymentWorks, according to the official press release. Available as a white label platform, CoreChain allows any ERP or Business Process Automation software company or even banks and other payment networks to offer a blockchain-based B2B payments solution to its enterprise clients.

CoreChain also natively supports settling funds via digital assets and digital currencies, as well as exchanges with other cryptographic currency networks such as Ethereum, creating alternatives to existing rails for direct lending and settlement as these methods build adoption in the B2B space.

Additionally, CoreChain is integrating a trade finance ‘instant pay’ solution within the payments platform, allowing for suppliers to accelerate payments of their invoices.