Obligate operates a blockchain-based platform that enables companies to issue on-chain bonds and commercial paper to a range of investors. The platform uses tokenisation, smart contracts and on-chain collateral to replace intermediaries such as paying and issuer agents. Obligate says this approach can cut bond issuance costs by about 80% and reduce issuance time from weeks to hours. The company rebranded from FQX to Obligate and has team members across Switzerland, Germany, Lithuania, the UK and Singapore. The platform is expected to launch in February on the public blockchain Polygon. Including the recent seed extension, Obligate has now netted close to $8.7 million to further develop and scale the product. FQX, founded in 2019 and based in Zurich, digitizes the centuries-old promissory note via its blockchain-based eNote infrastructure (Swiss Trust Chain). The eNote can be sold or transferred to third parties and seamlessly integrated into existing bank and fintech infrastructures to accelerate liquidity across borders and markets. The company positions its product as a first-mover aiming to set a de-facto global standard for electronic promissory notes. Earlybird highlighted that short-term financing markets are widely fragmented, citing $65 trillion+ in annual transaction volumes as the opportunity FQX targets. The recent $4.7 million seed funding is expected to help scale the company’s transaction volume. Regulatory and market work in jurisdictions such as Singapore, the UK and the UAE, along with positive commentary from the ICC, are cited as tailwinds for adoption.

Total raised

$9M

Funding rounds

2

Latest round

Seed

Latest activity

Jan 2023