NEW HAVEN, CT, CoreChain Technologies, a digital B2B payments network built on blockchain, has raised $1.25 million in pre-seed funding from investors that include Ulu Ventures, Connecticut Innovations, Bloccelerate VC and New Form Capital.

Using enterprise blockchain technology to power B2B payments and financing, CoreChain is streamlining the manual processes and painful reconciliation that has remained static for decades, while mitigating fraud. CoreChain also unlocks lending opportunities to finance the working capital being held in unpaid invoices that age towards settlement due dates, frequently 30 to 120 days in arrears.

Since its launch in September 2020, CoreChain has processed over $300 million in B2B payments for enterprise buyers, including transactions for channel customers, such as PaymentWorks. Available as a white label platform, CoreChain allows any ERP or Business Process Automation software company or even banks and other payment networks to offer a blockchain-based B2B payments solution to its enterprise clients.