As blockchain technology continues to dominate a variety of industries, another giant company took notice and shocked the tech world with its new investment decision. Just recently, Budweiser decided to fund BanQu in a Series A fundraising for blockchain-as-a-service or BaaS.
The Main Reason behind the Decision
Budweiser is one of the giant companies in the brewing industry. It boasts ownership of Corona, Stella Artois, and Beck’s brands, to name a few. Through Budweiser ZX Ventures arms, BanQu received an undisclosed amount from the brewing giant.
BanQu is a startup company that offers blockchain application solutions. It was founded in 2015. Their cutting edge technology is designed for governments, businesses, institutions, and private organizations that interact and deal with the world’s poorest people daily. It includes farmers and other workers who usually work unbanked.
The blockchain platform aims to help these unbanked workers directly connect with the companies and organizations they work for in the supply chain. With the help of cutting-edge technology, the interactions between poor people and the global supply chains they serve are captured through a safe, immutable, and dispersed ledger. This ledger contains the financial and personal records of unbanked workers, which can be used as the basis for building the Economic Identities. Such information is necessary for the poor people to be connected to the global economy, which will raise awareness to the governments, organizations, and brand that power them.
Alleviating Poverty by Raising the Poor’s Financial Prospects
BanQu explained that their platform allows individuals to access financial companies and providers that can ultimately help them boost their financial prospects. Among the company’s partners are mobile money providers and banks such as Airtel and MTN.
Anheuser-Busch InBev, the parent company of Budweiser, had been impressed with the startup’s mission to assist unbanked workers. The company’s achievements in a few years had inspired the management to invest in the startup to further expand its operation.
According to the chief sustainability and procurement officer of Anheuser-Busch InBev, Tony Milikin, they have seen the outstanding performance of the platform in their 100+ Accelerator trial. Right there and then, they had reached a decision to seal a partnership through an equity investment with BanQu’s team, led by Ashish and Jeff.
Together, Budweiser and BanQu aim to give thousands of farmers the chance to access modern banking. They are positive that once access to the global economy was established in rural markets, the company’s sustainability goals for 2025 can be achieved.
Joint Effort in Helping the Poor
Previously, Anheuser-Busch InBev and BanQu worked together on a pilot program which connected 2,000 Zambian farmers to the innovative mobile platform. Due to the successful result, the project was also carried out in India, Costa Rica, Brazil, Uganda and more.
According to BanQu, since the establishment of their company in 2015, they have already helped more than 200 000 unbanked workers. They also announced their mission of alleviating 100 million people out of scarcity by 2023. The funds they had raised from the Series A round will be used to maintain the current operations of the company as well as in expanding rollouts in Mexico and China before this year ends.