Cedar Money, an innovative fintech startup specializing in the use of stablecoins for cross-border transactions, has successfully secured $9.9 million in a seed funding round. This investment round was spearheaded by QED Investors, with additional contributions from North Island Ventures, Wischoff Ventures, Lattice, and Stellar.
The capital raised will be instrumental in advancing Cedar Money’s mission to revolutionize international money transfers, particularly by tackling the longstanding issues of slow settlement times and the complexities associated with regulatory compliance. The company is strategically focused on enhancing payment processes between emerging and developing markets, with a keen eye on opportunities within the remittance sector and international trade.
Benjy Feinberg, the CEO of Cedar Money, articulated the significance of this funding, stating; “This funding underscores the urgent need for innovative payment solutions.” He highlighted the importance of collaboration with investors like QED Investors, who align with Cedar Money’s vision of creating a truly global and inclusive financial ecosystem.
Cedar Money’s operational model is built around the utilization of stablecoins, which allows for the efficient transfer of funds while adeptly navigating the complex compliance landscapes that vary from country to country.
Feinberg pointed out the challenges involved in constructing a compliant infrastructure that adheres to the specific regulatory requirements of each nation, as well as the due diligence processes mandated by banks. This is particularly challenging in regions such as Africa, where infrastructural deficiencies can complicate even the most basic compliance requirements.
Gbenga Ajayi, a partner at QED Investors, expressed enthusiasm about Cedar Money’s potential, stating;
By leveraging stablecoin technology while maintaining a fully compliant and fiat-aligned user experience, Cedar Money is uniquely positioned to tackle the inefficiencies of the global financial system. We’re thrilled to support their journey.
With this substantial funding, Cedar Money is poised to capitalize on the vast market opportunities available, offering businesses a more streamlined and compliant payment solution that addresses the pressing needs of the global financial landscape.
