London-based blockchain startup OweMe has raised $1 million in seed funding from pi Ventures. The funding will be used to strengthen the company’s product and its team.
OweMe is registered with the UK’s Financial Conduct Authority to issue electronic money that lets companies create their own currency, pay with it and track it against Fiat currencies in order to reduce friction and increase financial efficiencies.
The company’s platform enables banks and Fortune 10,000 companies to lend to their supply chain. OweMe’s payment model makes it cost neutral for large corporate buyers and cheaper for smaller vendors to borrow.
OweMe was co-founded in 2016 by Nishant Singh and Nisha Singh.
“Operationally, firms have long since integrated their supply chains but there is a long way to go for financial integration… We are very excited about the investment and the opportunities we can unveil with it,” said Nishant Singh, CEO and Co-founder, OweMe.
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