Transparent Financial Systems, a US-based start-up engaged in the development of cryptographic settlement solutions, has raised $14m in Series A financing.

The round was led by Pantera Capital. Square, Future\Perfect Ventures, IDEO Colab Ventures, Digital Currency Group and CMT Digital also joined the round.

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The latest fundraising follows $8m financing from Vulcan Capital in July 2018.

As part of the investment, Pantera and Future\Perfect will join Transparent’s Board of Directors.

Transparent plans to utilise the proceeds to support product development as well as expand to other countries.

Pantera co-chief investment officer Joey Krug said: “Blockchain technology is rooted in decades of advances in distributed systems and cryptography, and it’s at the centre of banking and financial innovation today.

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“Based on Transparent’s strategic partnerships and solution, we believe this investment represents an exciting opportunity and will provide tremendous value to the future of on-demand settlements.”

Future\Perfect founding partner Jalak Jobanputra said: “The financial services industry is undergoing significant transformation through the application of new technologies.

“We are thrilled to back Transparent in creating a more efficient, equitable, and resilient financial system.”

Transparent is currently concluding beta programme demonstrating on-demand settlement of US Dollar between multiple financial services firms.

This year, it plans to open its network for evaluation, testing and initial commercial use.