Enterprise blockchain company SETL files for insolvency in hopes of finding a buyer

SETL, an enterprise blockchain company tailored for financial services industry, has filed for insolvency according to the public records. SETL said in a statement that because it is not sufficiently placed to contribute the capital required, it is now seeking a buyer. SETL was co-founded in 2015 by a City trading veteran Peter Randall and Francois Barthelemy.

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Barthelemy left the company in June 2018 after "a dispute about the future direction of the company." In October, SETL was granted a license from a French securities regulator to run a central securities depository.

According to Pitchbook, the company has raised a total of $45.7 million. In the last round in October 2018, SETL raised 90,000 GBP putting the company's pre-money valuation at $14.68 million. However, just seven months prior, the company raised 4.22 million GBP at a pre-money valuation of $136.1 million.