VC roundup: Félix Pago's $15.5m for WhatsApp remittances, Fortunafi's $9.5m for asset tokenization, and more big wins
06/01/2024 22:35
This past week has been buzzing with significant VC activity in the crypto space, highlighting several startups making major strides. Here's a roundup of the top funding news.
This past week has been buzzing with significant venture capital activity in the crypto space, highlighting several startups making major strides. Here’s a roundup of the top funding news.
Félix Pago aims to simplify remittances
According to TechCrunch, Latin American remittance startup Félix Pago raised $15.5 million in a Series A round, led by Castle Island Ventures.
The company, which helps workers send money across borders using WhatsApp, plans to expand its presence in Latin America, and the U.S.
CEO Manuel Godoy emphasized the convenience of using WhatsApp as an interface, allowing users to send and receive money through a chatbot.
On the receiving end, users can collect money instantly as a bank deposit or pick it up in cash at locations in Mexico, Guatemala, and Honduras. The use of Circle’s USDC stablecoin helps Félix Pago save on foreign exchange costs, making transactions cheaper and faster compared to traditional methods like SWIFT.
Jordan Fish (aka Cobie) backs Fortunafi
Real-world asset (RWA) tokenization platform Fortunafi secured $9.51 million in funding from Shima Capital and Manifold.
Investors included prominent names like Jordan Fish (aka Cobie) — host of the “Up Only” podcast — and Ari Litan of LayerZero Labs.
— Fortunafi (@_Fortunafi) May 30, 2024Today we're PUMPED to announce the completion of our Strategic Funding Round! 🚀
With total funding at ~$10M, we're embarking on our next journey of expanding our #RWA product offering & launching our upcoming #stablecoin protocol. 🔥
Why we're excited 🧵 pic.twitter.com/Thd71AhJnp
The funding will be used to develop Fortunafi’s platform further and expand its reach in the crypto market.
Separately, Fortunafi also introduced its new stablecoin protocol called Reservoir.
The round, structured as equity with token warrants, brought the company’s valuation to $48.165 million.
SwitchBoard nets $7.5 million
SwitchBoard, an on-chain oracle startup, also benefited from this week’s VC activity, raising $7.5 million in a Series A round co-led by Tribe Capital and RockawayX.
Supported by the Solana Foundation, Aptos, and StarkWare, the company plans to use the funds to expand its oracle tools and use cases for web3 developers.
SwitchBoard’s permissionless oracle network connects decentralized applications with real-world data, offering a secure and cost-effective solution. The platform currently holds over $1.78 billion in total value, according to DeFiLlama.
SCRYPT gains $5 million, doubles client base
Swiss crypto asset services provider SCRYPT clinched $5 million in funding, led by Brazil’s Braza Bank and supported by Funfair Ventures, Cabrit Capital, and Atlantic Labs.
The company has reportedly doubled its client base and increased trading volume 18-fold year-on-year.
With this new capital, SCRYPT plans to expand into the LATAM market, leveraging Braza Bank’s expertise in FX and cross-border payments.
STON.fi secures $3.6 million for DEX growth
Another European blockchain company that received financial backing in the last week was UK-based decentralized exchange STON.fi.
It locked in $3.6 million in funding from a round led by CoinFund. The round also saw participation from Delphi Ventures, Karatage, and TON Ventures.
STON.fi said it will use the funds to enhance operations and expand financial services to Telegram users, allowing instant exchanges of Toncoin (TON) and USD stablecoins for any native token.
Coinflow, Plural raise $2.3 million each
Wrapping up the week’s VC action were Coinflow and Plural, which both raised $2.3 million from various backers.
Instant settlement payment provider Coinflow raised the money in a seed round led by CMT Digital. Other investors included DCG, Reciprocal Ventures, Jump Crypto, and Draper Dragon. The company said it will use the funds to expand its sales, engineering, and compliance teams.
Coinflow’s platform allows businesses to settle transactions instantly with stablecoins, supporting over 50 merchants and growing rapidly since its launch in early 2023.
On its part, Plural, which offers on-chain investment solutions for renewable energy developers, collected $2.3 million in a round led by Neil Devani of Necessary Ventures and Michael Dempsey of Compound. Volt Capital and Maven 11 also participated.
The company also announced its first offering with Solaris Energy, aiming to provide innovative investment options in the renewable energy sector.