Hamsa is building the Unified Ledger for global finance: an AI-enabled, privacy-preserving layer that lets banks and central banks clear and settle faster, cheaper, and with full interoperability. The wedge is fund sub-accounting and reconciliation, ripping out legacy mainframe incumbents like SS&C with a cloud- and blockchain-native data layer, then expanding into real-time settlement and real-world-asset tokenization.
Validation is strong for the stage: in 2025 Hamsa serviced over $400B of AUM and serves central banks on three continents plus Tier-1 banks including Banco Safra in Brazil Web. On the 2025-04-09 diligence call, Adam Zbar described a signed $22M five-year contract displacing SS&C at a roughly $20B institution and a projected path to break-even in 2027 (Internal, rec3joAXR5xyMVVeW). SH committed $500K via StoryHouse Fund II at a $250M post-money valuation in the $31M Series B, alongside Greycroft (lead), Haven, Relevance Ventures, NIYA Partners, and JPM; a subsequent $11.5M SAFE from NIYA at a $320M cap marks the position up (Internal, BoD update 2026-05-11). Founder-CEO Adam Zbar is a Pomona College alum, a Claremont network tie.
Clearing and settlement is the dominant sub-segment of the fintech blockchain market at roughly 34.6% share Web, and the BIS has published a blueprint for a tokenized unified ledger of central bank money, deposits, and bonds, validating Hamsa's core architecture as the direction of institutional finance Web. On the diligence call, Adam Zbar framed the sub-accounting opportunity against a $100T asset and wealth management market and roughly $15T of clearing-and-settlement efficiency (Internal, rec3joAXR5xyMVVeW).
| Company | Focus | Scale / Funding | Note |
|---|---|---|---|
| Hamsa | Unified Ledger for clearing, settlement, sub-accounting and RWA tokenization | $27.3M raised; $400B AUM serviced 2025 | Privacy-preserving, EVM-compatible ledger; central-bank pilots on three continents |
| Partior | Bank-owned unified ledger for cross-border multicurrency payments, PvP/DvP settlement | Bank-owned interbank network | Closest architectural comp; atomic multicurrency settlement |
| Fnality | Central-bank-money settlement (utility settlement coin) for wholesale payments | Raised ~$136M | Settles on regulated central bank money; narrower payments focus |
| SS&C (SSNC) | Incumbent fund administration and sub-accounting on mainframe stack | Public; acquired Calastone for ~$1.03B (2025) | Primary displacement target; adding tokenized-fund and digital-cash settlement |
| Fireblocks | Digital-asset custody and transfer infrastructure | Well-capitalized crypto-native | Custody-layer adjacency, not a full clearing/settlement ledger |
Moat: Hamsa's edge is a first-to-market privacy layer on a public, composable, high-speed ledger, paired with deep incumbent-displacement contracts and central-bank relationships that are slow to win and stickier once installed (Internal, rec3joAXR5xyMVVeW; Web).
Additional signals: two live CBDC pilots and work with Brazil's major banks and central bank alongside a Microsoft partnership, plus cross-border interest from Visa (Internal, rec3joAXR5xyMVVeW; Web). Company health is marked Green in the CRM.
Zbar stated a preference to run to an IPO while keeping a dual M&A process (Internal, rec3joAXR5xyMVVeW). Natural acquirers include the very incumbents Hamsa displaces, SS&C and Broadridge, plus strategic financial infrastructure players such as Visa, JPM, and Fiserv/FIS. A recent comparable is SS&C's ~$1.03B acquisition of blockchain funds network Calastone in 2025 Web.
Focused on clearing and settlement: a massive amount of technical debt that never got cleaned up; the front end was modernized but not the back end. Estimated $15 trillion of efficiency at stake. The biggest areas are in reconciliation, the primary and initial product for Hamsa, delivered as a data product; a secondary transaction problem is that things do not trade instantly. The goal is to be an AI-enabled financial data layer across three products: Hamsa AI-enabled sub-accounting (tracking initial transactions, aimed at the $100T asset and wealth management market), Hamsa Real-Time Settlement (via tokenization), and the Hamsa Unified Ledger.
Core IP is the Unified Ledger, first to solve privacy on a permissioned or permissionless layer, and first to solve privacy on a public ledger with private, composable, high-speed smart contracts. CTO Hubert Wu was CTO of American Express Asia and head of global engineering at Alipay. Traction: serves the largest banks in the US and LatAm; just signed a $22M five-year contract, ripping and replacing the biggest vendor at a confidential ~$20B company where SS&C was the primary vendor; sub-accounting is revenue-generating, helping a client make an extra $100M a year in money market funds, and Hamsa will do both sub-accounting and clearing. SS&C was mainframe; Hamsa is cloud and blockchain-enabled. Key use cases are trading and transferring; JP Morgan runs 250K to 2M transactions daily with ~5K breaks, and Hamsa built a better module. Two years in Brazil with the main bank in partnership with Microsoft; now getting interest from the four largest banks in Brazil and from Visa on cross-border payments.
Financing: term sheet from Greycroft, a $30M round with $20M hard-circled, targeting an April close, at $220M pre-money and $250M post-money. Break-even expected in 2027. Long-term, Zbar would like to run to an IPO while keeping a dual process. Team is based with core intellectual talent in the US, a core IP team in China (18 engineers), and a larger IP team in Poland started about 1.5 years ago. Open questions raised: how the regulatory landscape and other target markets impact operations and expansion, and how the $225M valuation was derived. Timing: confirmation requested by April 21. Summary: an interesting Series B opportunity, though expensive; follow up to evaluate the data room, talk to investors, and consider for Fund II.
Source: Meeting Notes rec3joAXR5xyMVVeWIntroduction to Adam Zbar from Julian Nachtigal. Julian writes to Miles that he wants to connect him with Adam, CEO and co-founder of Hamsa Pay, who is raising a Series B. The company is growing fast, with $400B AUM on platform in 2025 and $1T projected in 2026, and has a signed term sheet from a top-tier investor. They are prioritizing adding strategic, value-add investors to fill out the round. Adam wanted to chat, with Deanna cc'd to help schedule.
Source: Meeting Notes rec4xkqpH7EQhxn2T