After it started in 2018 thanks in part to the late Microsoft co-founder Paul Allen, Transparent Systems is ready for its public debut.
The fintech startup first spun out of Allen’s company Vulcan Capital with the goal of changing the antiquated way money is moved around by financial institutions. On Wednesday, the company announced it is exiting stealth mode with over $14 million raised in its Series A funding round.
Transparent Systems formed to modernize the infrastructure that financial institutions use. It has created on-demand settlement solutions that are cryptographically-secured through distributed networks — essentially applying blockchain to financial institutions.
Transparent Systems is currently wrapping up its beta program with several major financial services while it gears up to its public release. The company plans to use this new funding to accelerate product development and engineering, as well as expand overseas.
“The financial industry is ready for new technology to improve the way people pay for goods and services,” Chris Orndorff, chief investment officer at Vulcan Capital, said in a statement. “The team at Transparent has made impressive strides over the course of its first year, and we are excited to continue our work with them as their strategic partner and new investor that honors Paul Allen’s vision for the next wave of fintech.”
This new funding round is in addition to the $8 million in seed funding the company initially raised from Vulcan.
In a blog post, the company adds that the goal of this technology is “to create a more inclusive economy that empowers your business and your money.”
