Unbox, a value exchange network, has successfully secured €12 million in Series A funding, backed by HSBC Asset Management and the Belgian sovereign wealth fund subsidiary SFPIM.
Unbox offers closed-loop platforms for managing, distributing, and registering a diverse array of assets. Its technology supports various use cases, including traditional and community currencies via the Unbox Community Issuance software suite, as well as high-value items like diamonds and semiconductors, alongside lower-value objects such as plastic bottles and toys through the State of Product software suite.
Remi Bourrette, head of venture investments at HSBC, stated that this investment aligns with the bank’s venture capital strategy centered on fintech and enterprise software. He noted, "Thanks to their technology, traceability and programmability can be embedded into existing payment networks, which simplifies deployment. With governments, institutions, and non-profit organizations continually seeking more efficient methods to distribute grants or financial support, we anticipate a rapid increase in demand for solutions like Unbox’s."
Unbox CEO Erik Saelens indicated that a significant part of the funding will be allocated toward recruitment and the development of existing team members, with Brussels serving as the central hub for Unbox’s global operations. He remarked, "Money is the bloodstream of economies, yet its nature has not evolved through numerous industrial revolutions. Money is a wonderful invention, but in its current form, it is outdated. It is time to think about something new."
Learn more about payments at NextGen Nordics on April 23, 2024.