CoreChain Technologies

CoreChain Technologies is a New Haven, Connecticut-based fintech company that operates a digital business-to-business payments network and embedded supply chain finance platform. Its core offering, CoreChain Pay, lets businesses pay suppliers digitally instead of by paper check, supporting ACH, eChecks, virtual cards and digital assets including stablecoins from a single integration. The platform bundles identity management, a trust authority, funds transfer, buyer and supplier directories, bank gateway integrations and multiple payment types, and is delivered as a white-label, API-centric product that partners embed in their own software.

Alongside payments, CoreChain provides working capital products: buyers with purchase orders in place can access unsecured lines of credit of up to $1 million sized against payments volume and PO activity, while suppliers can accelerate approved invoices up to 120 days ahead of the due date. These facilities are supported by financial institutions participating in the CoreChain Network. The company describes itself as the first digital B2B payments network built on blockchain and states that its platform applies Web3 principles for security, efficiency and scalability, positioning itself as a "network of networks" for enterprise commerce.

Founding story

Chris Aguas established CoreChain Technologies in New Haven, Connecticut in 2019 after concluding that B2B payments were broken, launching what he called a "war on checks" to replace paper with digital payments and, with the emergence of blockchain, to rebuild how enterprise payments are handled. Aguas, a career fintech operator, previously held payments and product innovation leadership roles at Electronic Funds Source, Deem, MasterCard, Visa, Ensenta and THINK New Ideas, and earlier co-founded NetAbacus, an early web-based accounting provider for small businesses now part of CPA.com. He holds BS Electrical Engineering and BA Political Science degrees from Stanford University and an MBA from the Stanford Graduate School of Business. RJ Herrick is co-founder and CTO.

Business model

CoreChain sells an embedded, white-label payments and financing platform to channel partners — ERP vendors, business process automation and marketplace software companies, and banks, neobanks and other financial institutions — which resell an integrated B2B payments solution to their enterprise end customers. The company also offers a direct-to-customer product, CoreChain Pay, and provides custom integration support to partners.

Revenue derives from processing digital B2B payments and from supply chain finance products (invoice acceleration and purchase-order lines of credit). Partners that embed the platform share in payment-driven revenue streams, and buyers using digital payments receive rebates.

Traction

CoreChain reports having processed over $1 billion in B2B payments through its partner network for enterprise clients, up from over $500 million reported in November 2021. Its network includes more than 240,000 suppliers and multiple financial institutions. Partner deployments include Scanco, whose CoreChain-based products address a base of more than 5,000 mid-market manufacturing and operations customers.

Latest developments

CoreChain's product is certified in the Acumatica Marketplace, and the company's press page lists Acumatica and Business Wire announcements of Acumatica's acquisition of CoreChain Technologies. Other recent activity includes a partnership with R3 to power embedded B2B payments for banks and digital banking providers, the launch of CoreChain Pay as a direct-to-customer embedded payments solution, and an appearance at Finovate Spring 2024.