SettleMint, a low-code platform for blockchain app development, has raised €16 Million in a Series A round led by Molten Ventures and OTB. Other investors include, Fujitsu Ventures, Allusion, and Bloccelerate and existing investor Medici Ventures.
Settlement aims to remove the complexity currently intrinsic to blockchain development and “enable the other 99% of developers” to build their blockchain applications quickly and easily. Settlement defines itself as a “category-defining” platform for app development. The service is said to be utilized by top banks, financial services firms and more. Settlement claims to allow a project to go from ideation to production in weeks.
Vinoth Jayakumar, partner at Molten Ventures said that SettleMint is creating real value for enterprises interested in creating decentralized applications on blockchain technology.
“While there is massive demand to implement blockchain solutions and applications, there is an equivalent shortage of blockchain expertise. SettleMint bridges that gap by allowing developers to build web3 products and focus on end-product business use cases, not on underlying complex blockchain infrastructure. We’re extremely excited to back SettleMint in building the leading web3 development platform for decentralised applications.”
Matthew Van Niekerk, founder & CEO of SettleMint, explained that blockchain development is hard, and there is no easy way for companies to integrate applications into their existing systems.
“As practitioners, we also recognized the repeated and predictable challenges that every blockchain implementation faces and that enterprise grade implementations have very high security, scalability and interoperability requirements.”
The additional money is expected to be utilized to “solidify” Settlement’s position in Asia and Europe while expanding into other regions.