EM-Focused Cedar Money Raises $9.9M to Expand Stablecoin Payments
TLDR
- Cedar Money secured $9.9 million to expand its stablecoin-powered cross-border payment infrastructure
- The round was led by QED Investors and participated in by Lattice, NIV, Stellar, and Wischoff Ventures
- The company helps businesses in emerging markets like Nigeria transact globally by bridging fiat payments with stablecoin transactions
Cedar Money, a U.S.-based fintech startup, secured $9.9 million in seed funding to expand its stablecoin-powered cross-border payment infrastructure. The round was led by QED Investors and participated in by Lattice, NIV, Stellar, and Wischoff Ventures.
The company helps businesses in emerging markets like Nigeria transact globally by bridging fiat payments with stablecoin transactions in the background. CEO Benjy Feinberg emphasized that the challenge isn’t just building payment rails but ensuring compliance with local and international banking regulations.
Stablecoins are gaining traction in Africa, Latin America, and the Middle East, where businesses struggle with currency instability and high forex costs. Cedar Money, which launched operations in early 2024, already processes tens of millions in monthly transaction volume. It focuses on import-export businesses handling tangible goods.
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Key Takeaways
The global payments industry is shifting, with stablecoin transaction volumes surpassing Visa, Mastercard, and PayPal, hitting $8.5 trillion in Q2 2024. Fintechs like Cedar Money, Conduit, and Caliza are capitalizing on the inefficiencies in traditional financial systems. Stablecoins reduce cross-border transaction costs, but regulatory hurdles remain. While two-thirds of international payments still go through the correspondent banking network, stablecoin-powered platforms account for only 0.01% of the market. With increasing regulatory acceptance and fintech investment, stablecoins could become a mainstream payment option, particularly in markets with currency volatility and inefficient banking infrastructure.
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