Funds to be Used on Expansion of International Payment Network Serving More Than 350 Million People; Projects to Expand to More Than 1.2 Billion Individuals
CHICAGO, Nov. 15, 2023 — CFX Labs, a future leader in the monetization of rapid and secure international payments markets currently operating a nationwide payment network, announced it has raised $9.5 million in seed funding. CFX Labs raised funds from a diverse array of strategic partners including Shima Capital, Decasonic, Antalpha, CMT Digital, Corazon Capital, Hard Yaka, Kraken Ventures, New Form Capital, Metropolitan Capital Bank & Trust amongst others in an oversubscribed round.
More than one billion people globally rely on being able to make secure, fast and inexpensive domestic and international remittance transfers. CFX Labs’s funding round will provide resources to expand its network reach and continued development of innovative technologies supporting international payments.
Operating at the intersection of financial services, point of sale and digital assets, CFX Labs is revolutionizing stablecoin settlements globally with a fiat payment platform that enables users to move money instantly across borders. The company’s offerings include the MoveMoney™ embedded wallet, which enables users to send and receive fiat instantly from brick and mortar locations across the U.S. at network affiliated locations including Walmart, CVS, Walgreens and Rite-Aid and others.
One in seven people globally rely on remittances. According to the U.S. Federal Reserve (link source) the average cost of sending a remittance from the U.S. to other countries was 5.41 percent of the notional value of the transaction. High costs, slow settlements, and limited accessibility, significantly impact households that rely on remittances. These factors also affect smaller businesses that make infrequent global payments to suppliers. Reducing unnecessary costs and improving access to more secure funds has the potential to stimulate economic growth, enhance global commerce, improve international remittances, and reduce inequality.
“Bringing together an accomplished team of industry executive leadership from the likes of PayPal, MoonPay, Sardine, Robinhood, ABN AMRO Bank, Feeding America, and world class technical development, this seed round represents the conviction our investors have in our platform and its potential,” said Nick Cavet, co-founder and CEO of CFX Labs. “CFX is not just accelerating the movement of money; we’re transforming the very fabric of the global money movement to unlock entirely new monetization opportunities for the real producers and consumers of our shared economy.”
There has never been a better moment to initiate more meaningful and transformative financial systems around the world, and it starts with better access to efficient, secure and rapid payment transfers. CFX Labs’ payment network stands to expand beyond remittances internationally between the Americas, to global international money transfer and remittances, a market valued in trillions of dollars.
“We are eager to support CFX Labs as they reimagine and transform the global payment processing market with the industry’s most advanced and intuitive technology,” said Sam Yagan, Co-Founder & Managing Director of Corazon Capital. “CFX Labs has the potential to reshape the multi-trillion dollar global payments market through its vertically integrated platform that empowers everyone to easily access and take control of their payment transfer needs.”
CFX Labs partners with both emerging brands and established retail leaders to monetize the movement of money with a unique revenue share model.
About CFX Labs
Established in 2021, CFX Labs Inc. is a U.S.-based fintech innovator enabling 350 million global users leverage state-of-the-art blockchain within a secure closed-loop system, to significantly reduce traditional international remittance costs, fraud, and settlement times. Projected to expand its network to over 1.2 billion individuals by the end of Q2 2024, CFX integrates with key payment infrastructures in the United States, Mexico, Brazil, India, Nigeria, and additional African countries. The platform ensures transactional security and compliance through robust AML / KYC measures, thereby offering a secure, efficient, and user-centric experience for global money movement. MoveMoney.com and MoveMoney.mx are brands operating under CFX Labs Inc. CFX Labs’s offering is available at major national retailers in the U.S., with more than 90,000 locations including Walmart, CVS, Walgreens, and Rite-Aid as part of the Green Dot network. To learn more about CFX Labs, please visit www.cfxlabs.com.
SOURCE CFX Labs
