FQX Secures $4.7 Million Seed Funding to Scale Its Promissory Note Infrastructureby Fintechnews Switzerland June 1, 2021
FQX, a Swiss-based fintech focused on electronic negotiable instruments, has secured US$4.7 million in seed funding to scale their eNoteTM infrastructure.
Earlybird led the round with participation of SIX Fintech Ventures, the non-strategic corporate venture arm of SIX, and the unicorn founder Carsten Thoma.
FQX facilitates trade finance and money markets by using eNotesTM, a disruptive short-term financing and payment instrument.
The eNoteTM is an unconditional promise to pay a specific sum to another party at a specific future date which is based on blockchain technology and can be flexibly sold and transferred to any third party.
When compared to other financing options, eNotesTM as negotiable instruments outperform through their financial steering capabilities and global transferability.
eNotesTM are based on the globally proven, formerly paper-based “promissory notes” and the enforcement regime applicable to eNotesTM is recognized in over 165 countries.
FQX is the first market-ready solution for eNotesTM built on a banking-grade blockchain (Swiss Trust Chain) with a unique, patent-pending authentication mechanism based on regulated and qualified electronic signatures provided by Swisscom.
The eNoteTM infrastructure can be integrated into financing platforms of banks and fintechs, allowing their customers to benefit from the entire eNoteTM lifecycle from issuance to settlement.
Frank Wendt, FQX’s Chairman and Co-Founder said,
“As a team, we’re immensely proud to have built an eNoteTM technology infrastructure we envisaged two years ago that is now uniquely positioned to transform trade finance and money markets.
This funding enables us to scale our transaction volume over the years to come.”
Featured image: FQX AF Team