Minnesota Fintech Startup BanQu Is Raising $10m For Blockchain As A Service

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Minnesota fintech startup BanQu is raising $10m in equity funding for blockchain as a service, with ~$2.5m closed.

BanQu’s “Dignity Through Identity” slogan is a reference to their “mission to connect refugees, the displaced, and the world’s poorest to the global economy through a secure, portable digital identity that maintains transaction history through a proprietary blockchain-based platform.”

By using blockchain as a foundational basis of record for health, education, property ownership — BanQu is providing transparency for paying corporate customers seeking supply chain transparency from their sources.

The idea was birthed to cofounder and CEO Ashish Gadnis who sought to create an “economic passport” for the large amounts of un/underbanked around the world.

 

BanQu is distinctly a for profit company with a strong social purpose that was formed in 2016. Prior to this new equity round in pursuit, the venture is known to have previously raised ~1o0k in external capital.

 

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  • http://thebigidea.com/ TheLittleDuke

    Would love to know how this system is going to comply with EU GDPR…

    • http://tech.mn Jeff Pesek

      Looks like that is coming up this month…if an interview happens, I will ask.

      https://en.wikipedia.org/wiki/General_Data_Protection_Regulation

      • http://thebigidea.com/ TheLittleDuke

        Identity doesn’t matter as much as Reputation — I’ve been working on a blockchain based system since around 2009 when I got the trademark on the word “Karma” as reputation index using a virtual currency.

        https://trademarks.justia.com/864/11/karma-86411963.html

        All laid out in http://bit.ly/idcoins

        Also this raise is likely just a token swap — people “investing” Ethereum or Bitcoin to pre-buy into a startup. They will have challenges actually liquidating it IMHO…

        • http://tech.mn Jeff Pesek

          It’s interesting to see local companies like this solving real world problems in for-profit fashion using novel technologies while also inviting others along for the ride!

          If you have specific, short questions for BanQu, I will ask…

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