FQX raises 4.7 million dollars from investors

FQX AG has received investment totaling 4.7 million US dollars for its electronic promissory notes – or eNotes for short – and for establishing the infrastructure required to issue such products, details of which can be found in a blog post on the company’s website. FQX intends to use the capital raised from the seed financing round “to transform trade finance and money markets” with this new technology, according to Frank Wendt, Chairman and co-founder of FQX. “This funding enables us to scale our transaction volume over the years to come”, he adds.

The seed financing round was led by Earlybird Venture Capital. In addition, SIX Fintech Ventures and Carsten Thoma, founder of the unicorn Hybris, were also among the investors.

According to FQX, as a “disruptive short-term financing and payment instrument”, eNotes make trade finance easier and are “radically” altering the money markets. FQX is the first market-ready solution for eNotes to be based on a banking-grade blockchain (Swiss Trust Chain) with a unique authentication mechanism, for which a patent is currently pending. In turn, this is based on regulated and qualified electronic signatures provided by Swisscom. The eNote infrastructure can be integrated in the financing platforms of banks and FinTechs, while the enforcement regime that applies to eNotes is recognized in more than 165 countries around the world.

“The eNote by FQX is a truly disruptive instrument to untap liquidity in those markets”, comments Dr. Christian Nagel, co-founder and Partner at Earlybird, before adding: “As a first-mover, FQX has the potential to become the leading tech infrastructure and set the de-facto standard for eNotes globally”.