Key Takeaways
- Sector: Technology Software & Gaming.
- Geography: Brazil.
Analysis
Brazilian financial technology startup BlindPay, developer of an API for integrating stablecoin payment solutions, has successfully raised $3.3 million in a seed funding round. The funding will be used to accelerate global transfers, expand operating licenses into new countries, and bolster the company's presence in Latin America.
The round saw participation from a host of investors including YouTube co-founder Jawed Karim, cryptocurrency exchange Bitso, venture capital firms 468 Capital, Transpose Platform, and Acacia Venture Capital Partners. Additionally, angel investors Raphael Dyxklay and Caetano Lacerda also contributed to the round.
BlindPay's API enables businesses to conduct cross-border transactions without the limitations of the traditional banking system, by integrating stablecoin payment solutions. This technology is particularly significant for its potential to simplify financial transactions between the U.S. and Latin America.
"We built a solution that abstracts the complexity of blockchain while helping companies navigate the intricate financial regulations between the U.S. and Latin America. Now, we're ready to expand into new markets and make transactions simpler for more people," said João Borges, co-founder of BlindPay.
The company currently processes millions of dollars in monthly payments for clients across Latin America, North America, Asia, Africa, and Europe. Over the past two months, its transaction volume has grown by over 600%.