ImpactAlpha, June 10 – Anheuser-Busch’s venture arm, ZX Ventures, backed BanQu’s $1.4 million in Series A funding.
The Minnesota-based software company uses blockchain to improve financial services for vulnerable populations. Its mobile software allows smallholder farmers, refugees or informal workers to create digital identities for financial and other transactions, such as proving land ownership.
Anheuser-Busch InBev adopted BanQu’s platform last year to track its cassava supply chain in Zambia, and invested in the company. The new financing will help BanQu expand its supply chain work with fast-moving consumer goods companies.
BanQu’s SEC filing suggests the company is looking to raise up to $7 million.