London based OweMe which is a startup that helps companies move money efficiently through their supply chain has reportedly raised an amount of $1 million in Seed funding.This round was led by pi Ventures.
The company basically increases profitability by removing supply chain costs using provenance and disintermediation for banks, large corporate buyers and suppliers.
The company is planning to use the funds raised in strengthening the product and the team. OweMe is a blockchain based platform enabling provenance of money in deep supply chains.
The company was co-founded in 2016 by Nishant Singh, CEO, and Nisha Singh, COO, who have expertise in the banking and fintech space.
“Finance is viewed as a single entities’ issue for ages. Operationally firms have long since integrated their supply chains but there is a long way to go for financial integration. Today technology, regulation, and market readiness can drive significanttransformation in the way companies think about finance in their supply chains. We are very excited about the investment and the opportunities we can unveilwith it,” Nishant Singh, CEO & Co-founder, OweMe said.
The platform of supply chain allows banks and Fortune 10,000 companies to lend to their supply chain. corporate buyers unique payment model makes it cost neutral for large corporate buyers and cheaper for smaller vendors to borrow.
OweMe has been part of FCA Sandbox, Accenture Fintech Innovation Lab and is backed by Capital Enterprise. They have successfully executed transactions on their platform as part of the FCA Sandbox and are taking the product to market.