Deloitte backs blockchain startup Setl

Blockchain financial services firm Setl has secured funding from professional services giant Deloitte. The size of the investment is undisclosed.

The two London-based firms have been partnered for the past 12 months, recently working together with Metro Bank to develop a blockchain-based contactless payment card.

Setl specialises in blockchain settlements and payments, an area where distributed ledger technology could potentially save trillions in streamlining processes that are still often carried out on paper.

The deal follows an initial funding round by Setl in July.

Deloitte has now made investments in more than 30 startups through its £25m Innovation Investment Scheme.

The professional services firm has partnered with a number of blockchain startup and in May unveiled 20 working prototypes built around distributed ledger technology.

The round is Deloitte’s first public investment in a blockchain business.

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