Update on Centiglobe
The last few months have been eventful months for Centiglobe. Among other things we participated in Money 20/20 in Amsterdam and have been very active with clients in different segments such as PSP’s, Banks and Corporate Treasuries. Worth mentioning are interesting dialogues with PSPs in China and HongKong that will enable us to offer real time payments between EU and Asia in real time. This will bring a lot of value to payment corridors that are currently complex, expensive and slow.
During the period we have also been very fortunate in closing our second seed-round with VC firm Confidus Capital as well as other investors. The investments will exceed EUR 5mio over the investment period. For this purpose Centiglobe has called an Extraordinary General Assembly on November 10th.
Finally we are very happy to welcome David Karlbom as Senior Software Engineer. David joins us from Comsol and will be a great contribution as we further build our platform and business.
This is our first newsletter that will be sent out on a quarterly basis. The purpose of the newsletter is to give insights on important trends in our industry as well as thoughts on the future. It will also include an update on Centiglobe and our current activities.
Centiglobe Insights - How will DLT affect corporate global cash management?
In this edition we take a look at corporate liquidity management and how distributed ledger technology (DLT) can improve global cash management in the future.
The Corporate cash hoards
According to Wall Street Journal, the corporate cash hoard is the largest ever, reaching up to USD 15trillion. Part of this cash can be explained by the Pandemic as many corporations, as a precautionary measure, have utilised their banking facilities to safeguard themselves in uncertain times. Estimates are that as much as 20-25% of total cash could be held within different subsidiaries outside of head-office. Some of the cash abroad may be trapped due to currency restrictions or tax issues but large amounts are held outside of head-office due to the inefficiencies of today’s payment system. The problems related to cross-border payments lead many corporations to maintain balances in their subsidiaries or credit lines with banks “just in case”. This is similar for many financial institutions such as PSPs that maintain a network of prepaid accounts around the globe to enable fast payouts for clients.
The cost of this cash is high as deposit rates are at record lows (and in many currencies negative) while shareholder expectations of returns on capital are starting at 7-8%. Reducing liquidity and returning capital would imply significant savings for the owners.
Without the legacy infrastructure they are able to make direct transfers in real time to subsidiaries, suppliers and financial intermediaries 24/7. Liquidity could be maintained at head office and once an unexpected cash need arises an automatic real time payment is initiated. This reduces the need for local cash pools and cash can be returned to head office and eventually to the owners.
With API connections, new DLT based payment methods could easily be integrated and configured into existing Treasury Management Systems displaying digital ledger balances alongside other bank accounts and the possibility to send payment files using the same processes.
DLT as the next generation of payment methods for cross-border payments
The new generation of payment platforms based on DLT will lead to dramatic cost savings. Corporates can operate directly on payment platforms without the intermediation of banks and maintain accounts on digital ledgers instead of cash accounts.
Banks in the new DLT world
Banks would still play an important role in international payments. They would serve as liquidity providers by converting digital assets into fiat in local currencies bridging the fiat and the digital worlds. For Banks this could be an attractive business and generate new fee based income and FX earnings. Banks would also serve an important role as provider of digital accounts and implementer of regulatory requirements such as AML screening. However, with more and more local RTGS systems (real time gross settlement), the Banks earning the fees may not be old legacy banks, where the corporate fiat accounts are held, but more likely upcoming NeoBanks, comfortable with new technology and digital assets. They can provide the “last mile” within the local payment system and do payouts via Open Banking. Global cash management would change at its core. In the end game, once CBDCs (Central Bank Digital Currencies) are introduced, no more fiat accounts are necessary.
In addition digital money opens up for new business models and ways to interact with clients and suppliers. Why not scan a QR code once goods have been delivered, releasing an escrow and a cross-border payment simultaneously sent to the seller of the goods? Or utilise smart contracts so that the payment is executed immediately as someone utilizes your product in a pay per use scheme? Many interesting opportunities ahead.
Let us know if you have thoughts and inputs on the future of corporate global cash management! Mail us at firstname.lastname@example.org.
Centiglobe is hiring a Cash Management Sales for the next generation of payments
Distributed Ledger Technology is about to change how financial markets operate. New decentralized solutions will challenge current legacy systems and open up for new and improved ways to manage liquidity. This is the case not least for cross-border payments that still are slow and expensive and where Blockchain can make a significant impact.
Centiglobe is in the midst of this transformation and we have a strong conviction that our technology can play an important part. Our mission is to improve today's payment system by integrating new technology into the old world making it better for everyone.
Do you want to be part of this journey and add your contribution to the new landscape that is about to emerge?
#Fintech # Centiglobe #Globalpayments #Paymentsofthefuture
Petter at Redeye Fintech day!
Last week our CEO Petter Sandgren talked at Redeye FinTech day. With 728 viewers on the broadcast, we also want you to be able to see his contribution.
The comment from Redeye was:
“It was probably one of the most interesting events we have hosted ever.”
Here you can watch Petters presentation
#Fintech # Centiglobe #Globalpayments #Paymentsofthefuture
Welcome David Karlbom!
We are continuously building our team with great people and today we are happy to announce a new colleague, David Karlbom. He has a Master Degree in Computer Science and has spent his past 5 years as a software developer at COMSOL, and before that at Bream IO as Founder and software developer where he developed eye tracking software that changed the way gamers play, broadcast and experience games.
We are excited that we have the opportunity to attract such a competent player and warmly welcome him to Centiglobe.
#Fintech #Cloudnative #Java #Blockchain #Deeptech #Greatplacetowork
Centiglobe will speak at Redeye FinTech Day.
Centiglobes CEO Petter Sandgren is invited to speak at Redeye FinTech Day to present Centiglobe for their Investor Network.
We look forward to the event, and to many interesting discussions around FinTech and what drives the industry in regarding market development, technology, the regulatory landscape and risks.
Looking forward to meeting you there!
The event will be a live broadcast the 20th of October 9.00 - 15.05.
“Financial services powered by technology or shortened to FinTech is one of the most exciting areas where digitalization will affect most of the world’s population. A conservative sector that high barriers of entry have protected because of capital and compliance rules”
#Fintech #Centiglobe #Redeye #DLT #globalpayments #crossborderpayments
Isak Nyberg from Centiglobe will speak at Nordic Fintechs Trends.
Join him tomorrow and hear the latest news and development in fintech from around the Nordics.The Nordic Fintech Alliance has created the Nordic Fintech Trends 2021 series to present the latest trends in Nordic Fintech.
We are happy that Finextra picks up our fantastics news.
Thank you Amsterdam and Money 20/20 for a great event!
Great that we at last got the opportunity to meet in Real Life after 1,5 years of Covid-19. We had many great meetings, a lot of insightful sessions and met so many amazing people.
We are very happy to see that our product offering stands out and to see that it brings value to many within the financial industry. This makes us very excited for the journey ahead.
Now we look forward to continuing to build our relations with you and together build a better and more efficient global payment system for the financial industry.
Confidus Venture Capital invests in Centiglobe, an Instant Global Payment platform
Press release 2021-10-01
Confidus Venture Capital today announced that it has concluded an agreement to acquire an equity stake in Centiglobe, a Stockholm based Fintech company offering an Instant Global Payment platform. Peter Dahlgren will join the Board of Directors. The total investment will exceed EUR 5mio over the investment period.
Centiglobe is an Instant Global Payment provider with a technology platform that enables financial institutions and international corporations to execute instant global payments across countries, continents and currencies. Centiglobe’s DLT based platform has the potential to disrupt the international payments industry as well as the corporate treasury liquidity management of today.
Henrik Gradin (Founder), Centiglobe, said:
“We are excited to have Confidus Venture Capital join us on our journey of developing the financial industry, offering instant global payments and automating payment processes. We are grateful to have Peter join the board. His experience from the financial sector including roles such as the CEO of Nordnet and Executive Board member at SEB will bring very valuable perspectives to automation and the financial industry which will be beneficial to us.”
Petter Sandgren (CEO), Centiglobe, said:
“-Centiglobe will be using this infusion of funds from Confidus and other Angel Investors to invest further into its R&D capabilities to enhance the Centiglobe platform, secure patents as well as to further ramp up the sales and delivery capabilities in order to disrupt the international payments and treasury space”.
Confidus focuses on realizing long-term exponential growth in unique companies like Centiglobe, and raises its capital from experienced business people in control of their own funds.
Peter Dahlgren, Co-Founder, Confidus said:
“The philosophy of Confidus is to invest in companies with a disruptive capability that are underpinned by the megatrends of digitalisation and automation. We invest in high value and exclusive companies that we can help build together with the management team. The international payments and treasury space will become disrupted by players enabling instant, cost-effective transfers. We have been very impressed with the Centiglobe platform and the payment automation services that the Centiglobe team is building. This is very core to the changes that the payments and treasuries industries will be going through, and we are excited to be a part of this journey with a very talented management team.”
Centiglobe is a FinTech company incorporated in Stockholm, Sweden. The Centiglobe platform offers a single infrastructure that delivers frictionless instant payments in a multi-currency environment. The platform offers a decentralized, global solution that eliminates the need of the many intermediaries and that gives banks, financial institutions and businesses the possibility to send and receive payments globally. Instantly and directly between each other at a fraction of the cost compared to current solutions.
Confidus Venture Capital
Confidus is a niche Venture Capital firm based out of Stockholm, Sweden focused on investing in innovative and disruptive companies driving transformational automation across industries. With a very exclusive approach, Confidus works alongside founders and management teams of businesses that combine long-term transformational potential with solid short-term impact. With a strong focus on business fundamentals, we help our portfolio companies accelerate growth and realise their full potential.
For further information, please contact:
Petter Sandgren, CEO, Centiglobe : Email email@example.com
Peter Dahlgren, Founding Partner, Confidus Venture Capital : Email firstname.lastname@example.org
Erlend Reitan, Founding Partner, Confidus Venture Capital : Email email@example.com
Centiglobe brings values beyond Instant Global Payments
Meet us at Money 2020 in Amsterdam!
Join the Centiglobe Network with many benefits to you and your clients. Meet us in Amsterdam at Money2020 and we will tell you all about how you integrate state of the art DLT into your cross-border payments.
Be smart, stay ahead with Centiglobe!
Do you want to find better solutions for your global payments?
We will be in Amsterdam to attend Money2020 the 21- 23 September. Do you have any issues concerning your global payment needs? Let's meet and we will be happy to tell you how to improve your revenue streams, reducing your cost of capital, and all the other benefits of joining the Centiglobe network.
Contact us at firstname.lastname@example.org
Centiglobe nominated in 2 categories at Nordic Startup Awards
We are happy to announce that we have been nominated to participate in 2 categories at Nordic Startup Awards, as Startup of the year in Sweden for the 2021 and Best Newcomer in Sweden for the 2021.
Global Startup Awards is the largest independent Startup Ecosystem Competition. https://www.globalstartupawards.com/#gsa
New CEO in Centiglobe - Centiglobe has appointed Petter Sandgren as new CEO. Petter will succeed Henrik Gradin who takes on the role as Chief Strategy Officer.
Press release 2021-07-01
Centiglobe Technologies is an innovative fintech company offering a blockchain based platform enabling cross-border payments in real-time.
- I am proud of how Centiglobe has evolved and been able to create a cutting edge blockchain technology that enables international payments in real time. We now take the next step in commercialization and it is a good time for new leadership. This gives me the opportunity to spend more time with strategy and business development to further develop the Centiglobe platform and to ensure Centiglobe stays in the forefront.
Petter has worked in the company for more than 1 year and is now taking the step to become CEO. He has an impressive experience and knowledge in banking, foreign exchange and payments as well as experience in leading teams internationally. We see him as a fantastic asset in our commercialization phase.
- It will be very exciting to, together with my colleagues, have the opportunity to contribute to Centiglobe's growth. I am thankful for the opportunity to lead this company. Together we will do our best to create value for customers and to challenge the industry in global payments. We have already signed our first agreements and soon we will have our first transactions in place. Work is now beginning on intensifying commercialization.
Petter has over 20 years of experience in the financial industry in different senior management roles at the Swedish Bank SEB, including Head of Markets Asia, Head of Emerging Markets Trading and Head Investor Services Sales. Petter also has experience as an investor and Board Member in different Fintech start-ups in Emerging Markets. We are looking forward to working together with Petter to continue to build Centiglobe as one of the leaders of instant global payments. #centiglobe #fintech #instantpayments #openbanking #payments
Centiglobe joins ISO20022 hackaton
P27-utmanaren Centiglobe sjösätter multi-valutaplattform 2021
Centiglobe also in regard to the ISO20022 hackaton announced first open source library for decentralized messaging.
Last week Centiglobe participated in the ISO 20022 Hackathon "A Global hackathon to improve cross-border payments by using ISO 20022 and APIs" arranged by BIS and SWIFT. Our contribution was how decentralized messaging of ISO 20022 could improve cross border payments, find our contribution at our Youtube channel #centiglobe and join our first open-sourced repository!
Find our repository here: https://github.com/centiglobe/decentralized-ISO20022
Centiglobe planerar att, i början av 2021, sjösätta det blockkedjeteknikbaserade multi-valuta-betalningssystem som bolaget utvecklat. Med lanseringen i sikte pågår arbetet med en kapitalrunda för fullt, säger Dr. Henrik Gradin, grundare och vd i Centiglobe, till Realtid.
Hittills har Centiglobe genomfört en rad proof-of-concept mot olika wallets och med testtransaktioner. Nästa år börjar bolaget med riktiga transaktioner och satsar på en exponentiellt tillväxt. Idag omsätts tusentals miljarder genom CLS FX settlements varje dag, en liten andel av det kan redan skapa stora intäkter.
Centiglobe joins EBAdays 2020 Fintech Zone
Centiglobe announced as one of the Fintechs to be featured at EBAday 2020.
EBAday is the yearly conference of the Euro Banking Association, aiming to create dialog within thought leadership regarding innovation, regulatory implementations, and share experience amongst payments industry practitioners towards a pan-European vision for payments.
Cross-border payments - The road to profitability for European mobile wallets?
Many mobile wallets in Europe are struggling with profitability. Incumbent banks and card companies still maintain a dominant position in B2C and in P2P payments margins are slim.
The cross-border payments market is still largely untapped by wallets despite high profitability both in B2C and P2P. Wallets are hesitant to enter the market due to concerns about risks related to AML and also a lack of capital to pre-fund accounts. These concerns can be mitigated by using the latest available technology in cross-border payments, opening up the road to profitability for European wallets.
Framtidens betalningar på blockchain med Henrik Gradin från Centiglobe
Henrik Gradin is the founder at Swedish Fintech and Blockchain payment company Centiglobe
The future of financial transactions are changing. Listen to Henrik talking about the future of payments and the need of interoperability to providers.
Listen on the podcast
Henrik Gradin at STHLM FINTECH WEEK 2020
Henrik Gradin joining the Panel Discussion at STHLM Fintech Weeks decentralized finance track.
Light your fire. PwC and Findec in an exciting new partnership.
News Article 2019-11-18
Centiglobe part of the first Bonfire cohort
The future of the financial eco-system is in our hands. Therefore, PwC and Findec have combined forces and started an accelerator program for young start-ups within Fintech Regtech and Insurtech. The Bonfire. Here you will build the foundation needed for your future growth. Get access to valuable expertise and coaching tailored to your needs. Together we spark more successful stories on the Swedish fintech- scene.
Centiglobe builds infrastructure for global payments - First up, Bangladesh
Global payments in real-time with close to 90% lower cost.
Stockholm-based fintech startup Centiglobe is building a global payment infrastructure, with instant clearing between banks and mobile wallets. The project is made in collaboration with local actors and some of the major banks in Bangladesh. The first live transaction was successfully executed on September 13 this year.
“Right now, we want to help banks streamline internal transactions so we in the future also could help the people depending on remittance services to retain more of today's high fees. This is a big thing for guest workers who send money home to their families” says Martin Edward, who leads the project with Centiglobe in Bangladesh.
Centiglobe's vision is to change the global payment market with the help of new technology that streamlines international payments. Through a joint-research collaboration project with professors and other faculty from Stockholm School of Economics and The Royal Institute of Technology, the new solution allows costs to be reduced by close to 90 percent for international transactions and for the transactions to be made in real-time.
Centiglobe was founded in 2017 and builds the underlying infrastructure for international transactions. The company is now integrating the infrastructure in Bangladesh. A demo for international transactions between Swish in Sweden and a mobile-wallet player in Bangladesh was conducted successfully, and the first live transactions were successfully completed on September 13 this year.
“Our goal is to deliver a global infrastructure that enables faster, cheaper and more secure cross-border payments. In Bangladesh, there is a great need for real-time payments between different actors. Bangladesh is an interesting market where we can help the local actors, especially now that larger global companies in the payment-arena are starting to enter the market”, says Henrik Gradin, CEO and founder of Centiglobe.
In short, Centiglobe is developing a real-time clearing and transaction system where currency conversion is done automatically in the system. The system is based on a decentralized database that enables a higher level of transparency and traceability of transactions. This week Centiglobe was announced one of five Swedish startups selected to PwC and Findec new accelerator program, The Bonfire.
Embassy House, Linnégatan 89C, 112 30 Stockholm
Svensk startup vill utmana Ripple – tar in sex miljoner kronor i riskkapital
News Article 2019-10-29
Genom snabba internationella betalningar och lägre kostnader vill nu svenska startupen Centiglobe göra världens penninghandel mer demokratisk.
Att skicka pengar internationellt kan i dag ta upp till tre dagar, bland annat på grund av de många mellanhänder som finns.
Det här är något som den svenska startupen Centiglobe vill ändra på. Deras affärsidé är att göra betalningar och pengaöverföringar enklare, billigare och snabbare.
Svensk startup vill bli världens nav för transaktioner
News Article 2019-10-29
Svensk startup vill bli världens nav för transaktioner
Sekundsnabba överföringar för internationella betalningar. Och sänkta kostnader med upp till 90 procent. Svenska Centiglobe vill demokratisera världens penninghandel.