BanQu, a blockchain-based identity start-up headquartered in Austin, Texas, as per recent reports last week, has just closed an extension of its Series A round. Although the amount of funding raised was not disclosed, it adds up to BanQu’s Series A total of $2.6 million. The funding was led by ZX Ventures, a New York, NY-based venture arm of Anheuser-Busch InBev.
“After BanQu’s outstanding pilot performance in our 100+ Accelerator, we are pleased to solidify the partnership with Ashish, Jeff, and the entire team at BanQu through an equity investment,” states Tony Milikin, Chief Sustainability & Procurement Officer at AB InBev. “Together, we are working to improve access to modern banking for thousands of farmers in underserved rural markets, driving inclusive growth and contributing to our own 2025 Sustainability Goal as well as the UN’s Sustainable Development Goals.”
BanQu, with its blockchain-as-a-service offering, aims to uplift the poor by connecting them with global supply chains, brands, organizations, and governments. The company, employing distributed blockchain ledger technology, connects the unbanked population with the global economy.
By enabling users to transact on the BanQu blockchain, BanQu creates a trackable personal history that not only serves as an identity but also provides the critical baseline for the users to engage in the global economy.
“ABInBev has been an incredible partner to BanQu over the past year, and together we have innovated and scaled the BanQu platform across multiple countries and thousands of farmers. Farmers at the world’s “last mile,” traditionally excluded from the global economy and lacking a verifiable economic identity, are now visible, financially empowered, and connected in the global supply chain of AB InBev,” states Ashish Gadnis, co-founder & CEO, BanQu. “The ZX investment takes this partnership to a whole new level of commitment on both sides. It cements our core shared vision of making the world a better place while being good business stewards.”