Deloitte has made an undisclosed investment in financial blockchain startup SETL, in a deal designed to develop blockchain applications which reduce complexity, lower costs and increase transparency in the financial services industry.

The move follows the announcement last month that Deloitte, SETL and Metro Bank had successfully trialled a contactless payment card using the distributed ledger technology.

David Myers, head of capital markets at Deloitte, said: “This investment demonstrates Deloitte’s commitment to help our clients build the future of financial services with emerging technologies.

“Blockchain has the ability to transform the industry, and we have been investing heavily in real-world applications, such as identity management, cross-border payments, loyalty, trade finance and a number of others. By harnessing the capabilities of SETL’s blockchain, we can provide our clients with even more practical and transformational solutions.”

This is the latest in a series of innovation investments made by Deloitte. The business advisory firm has now invested in more than 30 disruptive start-ups through its £25m Innovation Investments scheme.

Peter Randall, CEO of SET, added: “We are thrilled that Deloitte has chosen to invest in SETL. We have been working with the firm over the past 12 months, and this announcement demonstrates Deloitte’s ongoing commitment to engage with our platform. Together, we have the opportunity to offer a unique blockchain service to a range of financial services companies.”

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