R3, a financial technology innovator leading a blockchain consortium with over 80 members, has announced the completion of the first two of three tranches in its Series A fundraising round, raising $107 million in the world’s largest distributed ledger technology (DLT) investment to date.

In its official release, R3 said that it will use the funds to accelerate technology development and expand strategic partnerships for product deployment. In particular, it will focus on Corda, R3’s DLT platform for regulated financial institutions, and its infrastructure network, which will support a vast range of partner-built financial applications that interoperate seamlessly with each other, existing systems and networks.

“This investment is unprecedented. Many of the world’s largest financial firms have come together not just with capital support, but with a robust commitment to work with R3 in developing industry solutions that will be the building blocks of the new financial services infrastructure. We’ve got unparalleled momentum”, David E. Rutter, CEO of R3, said.

The investors represent an equal geographical split across Europe, Asia-Pacific and the Americas, counting over 40 participants spanning 15 countries. Top investors include SBI Group, Bank of America Merrill Lynch, HSBC, Intel, and Temasek. Other investors include:

Banco Bradesco, Itaú Unibanco S.A., Bangkok Bank, Mitsubishi UFJ Financial Group (MUFG), Mizuho, Bank of Montreal, Natixis, Bank of New York Mellon, Nomura, Barclays, Nordea Bank, BBVA, Northern Trust, BNP Paribas, OP Cooperative, B3 (BM&FBOVESPA and Cetip), Ping An, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Citi, Commerzbank, SEB, Commonwealth Bank of Australia, Societe Generale, Credit Suisse, Sumitomo Mitsui Banking Corporation, CTBC Financial Holding, TD Bank Group, Daiwa Securities Group, Danske Bank, The Bank of Nova Scotia, Deutsche Bank, The Royal Bank of Scotland, U.S. Bank, ING, UBS AG, Wells Fargo, Intesa Sanpaolo, and Westpac.

“R3 has proven the collaborative model can successfully drive innovation in financial services to a degree never before seen,” Rutter added. “In the space of less than two years, we have built a network of over 80 members, launched an open-source distributed ledger platform specifically for wholesale financial markets, conducted over 60 detailed use cases across a variety of asset classes, led the way in regulatory engagement on behalf of the broader DLT community and are ahead of schedule for initial commercial deployments this year. We are on our way to becoming a new operating system for financial services.”

The first two tranches of the Series A round were made available only to R3 members. The third and final tranche, scheduled later this year, will be accessible to R3 members and non-R3 institutional investors.