Financial technology (fintech) start-up Wallet.Services has completed a seed funding round and enlisted the support of tech sector entrepreneurs as it continues to develop its “blockchain” system.
The firm, headquartered at Edinburgh’s CodeBase incubator, created its Siccar prototype in collaboration with the Scottish Government’s CivTech unit with the aim of simplifying the process of applying for permits and licences. Blockchain, a digital system for proving ownership of assets, is predicted to dramatically change industries such as banking.
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Peter Ferry, co-founder and commercial director of Wallet.Services, said: “Our mission is to simplify and secure digital life with blockchain. With this investment, we build on Wallet.Services’ role as an innovation partner in public services, grow our blockchain software development team in Edinburgh and establish a world-class advisory board.”
The size of the funding round was not disclosed, but included Waracle, the Dundee apps developer that was acquired last year by Edinburgh-based IT consultancy Exception. Tech entrepreneur Steve Langmead and Gordon McKenzie, vice-president of international sales at data analytics outfit Digital Reasoning, are also among the firm’s backers.
Exception group executive chairman Martin Burke said: “Both Waracle and Exception have invested in Wallet.Services, as we believe blockchain will enable both intra- and inter-company collaboration, and our combined customer base is starting to explore uses of blockchain.
“We’re excited to be involved and hope we can help Wallet.Services in expertise and network.”
Alexander Holt, head of the Scottish Government’s CivTech unit, added: “We look forward to seeing the accelerated development and implementation of their Siccar platform within governments, thus proving the potential for the safer delivery of public services through the use of distributed ledger technologies.
“They are a great example to other CivTech companies and demonstrate the strength of our participants.”