IT major Fujitsu’s venture capital unit has made a strategic investment in Digital Commodity Exchange Pte. Ltd (DCX), while UK-based embedded finance platform provider Railsbank has raised $70 million.
Fujitsu’s VC unit invests in Digital Commodity Exchange
Fujitsu, one of Japan’s largest IT companies, has made a strategic investment in Digital Commodity Exchange Pte. Ltd (DCX), the world’s first digital global rice trading platform through its corporate VC fund Fujitsu Ventures Limited, according to an announcement.
Fujitsu Limited and DCX have entered into a global strategic agreement to accelerate the digital transformation (DX) of the global commodity trading industry, including the trade of agricultural products such as grains and raw materials for manufactured goods.
DCX is a holding company of Rice Exchange and was established in Singapore in 2020 as a startup that leverages digital technologies to solve business challenges surrounding global commodity trading.
Based on this agreement, the two companies will promote joint projects by combining DCX’s expertise in global transactions, contracts, and trading operations, with the business knowledge and system design expertise accumulated by Fujitsu in the industrial and distribution fields.
Fujitsu Ventures, a wholly-owned subsidiary of Fujitsu Limited. was established on March 1, 2021.
UK fintech platform Railsbank bags $70m to expand in APAC
UK-based Railsbank has raised $70 million in its latest funding round to expand to Asia Pacific, Europe, and North America, according to an announcement.
This funding round was led by US-based Anthos Capital and other investors including Central Capital (VC arm of Indonesia’s largest privately held bank), Cohen and Company (the founder of Bancorp), and Chris Adelsbach’s new fund Outrun Ventures. Existing investors also participated.
Railsbank will use the funds to further expand its various Embedded Finance products (Banking as a Service, Cards as a Service, and Credit as a Service) across Europe, Asia Pacific and North America, to help its customers remodel and democratise access to the financial services industry.
The Railsbank platform is used by customers such as fintechs, telcos, supermarkets, and consumer brands to innovate fast and radically improve the way millions of consumers and SMEs access, use, and manage their money.
Founded in 2016 by fintech veterans Nigel Verdon and Clive Mitchell, Railsbank is a global company in BaaS and Embedded Finance, empowering a company, or a brand, to easily prototype, build and scale any financial use case.