Bluechain announces an open funding round as it enters its next phase of growth

After a successful 2023, Bluechain continues to grow, with business users up 220% in 2024 to date, suppliers joining the platform and new exciting partnerships on the horizon

Bluechain, the EIS certified fintech transforming the payments and receivables process, has capitalised on a strong 2023 with incredible growth in 2024 across users, transaction volume and revenue. Off the back of 2023 and with rapid expansion plans, Bluechain has announced an opening funding round for its next phase of growth.

2023 was a transformative year for Bluechain, with a successful partnership with a multinational financial services corporation to streamline supplier payment processes for small and medium-sized enterprises (SMEs) being a key highlight. The success Bluechain experienced in 2023 is attracting major business and financial institutions who are keen to leverage Bluechain’s capabilities across the end-to-end of business-to-business (B2B) payments.

The most recent addition to Bluechain’s business network is Sigma Pharmaceuticals, a leading distributor for independent pharmacies in the UK. Bluechain’s partnership with Sigma Pharmaceuticals aims to transform receivables with its customers while providing them with a simpler and more efficient AP process. A win-win for both parties.

Dipesh Vaja, Head of Sales at Sigma Pharmaceuticals says: “We are very excited to begin our journey with Bluechain to simplify the way we manage our customer payments, whilst giving our customers the benefit of enjoying rewards. This is a great opportunity for both ourselves and our customers as we also look to benefit from the latest in payment technology. The Bluechain team clearly understands the challenges that businesses face across receivables, which made them stand out as a provider. Their engagement on our feedback and willingness to adapt has been an added bonus.”

In H1 of 2024 alone, Bluechain’s users, volume growth and revenue growth have all increased by over 200% in comparison to 2023. This marks a significant milestone in Bluechain’s journey towards connecting more B2B businesses through B2B payments while helping them cut the cost and manual efforts across their receivables and payables processes.

Bluechain’s platform, with Request to Pay at its core and a patented security model, helps provide the UK with the springboard it needs to deliver real capability and change to the payments industry, which the UK needs now more than ever following the lack of success from Pay UK’s request to pay offering. Following the growth Bluechain and its ‘Request to Pay’ platform has experienced, Bluechain is keen to accelerate even faster and has announced an open funding round to help support its next phase of growth.

Tim Annis, CEO of Bluechain says: “2023 was an incredible year for Bluechain, and we are extremely proud of our team for everything that we have accomplished together. The success we experienced last year has unlocked a realm of opportunity for us, and we are excited to officially open our next funding round to fuel the next stage of our growth.

“We look forward to building on this momentum throughout 2024 and beyond as we respond to businesses’ need for simplicity in B2B transactions and help them get the most out of it while minimising cost and time.”

About Bluechain

Bluechain is a platform that connects businesses for simple, efficient and secure B2B transactions. Built using Request to Pay principles and leveraging a patented security process, it is designed to deliver automation across the end-to-end of receivables and payables regardless of the systems or payment methods used.

We are a champion for making B2B payments better and easier for everyone and we believe that businesses deserve to be paid on time, while customers deserve to pay in a way that makes life easier for them. From reducing fraud to making reconciliations simpler, Bluechain is obsessive about making the end to end process of B2B payments smooth and straightforward for both sides.

For more information about Bluechain, please visit bluechain.com.