US-based blockchain identity startup BanQu announced that it had closed a portion of its funding round. This development was posted on 06 June.
BanQu elaborated that leading the Series A funding was multinational drinks and brewing company Anheuser-Busch InBev’s investment arm. The blockchain firm added that an undisclosed amount of funds had been raised by ZX Venture to allow BanQu to continue the development of its supply chain traceability and transparency, and continue its geographic expansion across the globe.
BanQu noted on its prominence as having developed the world’s first and only non-cryptocurrency blockchain platform to help lift people out of extreme poverty. BanQu endeavors to achieve this by connecting them to the global supply chains that they participate in. It also bridges them to the brands, organizations, and governments that empower them. ZX Venture’s funding would propel BanQu’s growth into novel markets.
Tony Milikin, Chief Sustainability and Procurement Officer at AB InBev expressed –
“After BanQu’s outstanding pilot performance in our 100+ Accelerator, we are pleased to solidify the partnership with Ashish, Jeff and the entire team at BanQu through an equity investment. Together, we are working to improve access to modern banking for thousands of farmers in underserved rural markets, driving inclusive growth and contributing to our own 2025 Sustainability Goal as well as the UN’s Sustainable Development Goals.”
BanQu clarified that the partnership with AB InBev was first announced mid last year. During that period BanQu launched a successful pilot project in Zambia, helping over 2,000 of the region’s moderate cassava farmers. BanQu further added that successive rollouts in Uganda and India have progressed. BanQu noted that Brazil is the fourth market where BanQu will assist AB InBev in reaching more lofty goals.
Recently, BanQu shared a report on the four ways blockchain could transform micro, small and medium enterprises (MSMEs) in emerging markets. BanQu noted that MSMEs are the largest employers in many developing countries, yet their feasibility suffers from limited access to savings, insurance, credit equity and payments services. The opportunity for blockchain to solve such inherent challenges is huge.
BanQu in a bid to fortify its presence added that the funds would sustain its presence in Africa, Asia, and Latin America. BanQu indicated that currently, it operates in 12 countries, including India, Costa Rica, Jordan, Indonesia, Malawi, Somalia, South Africa, Syria, Uganda, the United States, and Zambia. BanQu shared its plans to expand to China and Mexico later in the year.