Stablecoin startup Noah raises $22m

Finextra

a day ago

A former Adyen executive and an ex-UBS analyst have become the latest entrants into the increasingly crowned stablecoin infrastructure market, raising $22 million in seed founding for their startup, Noah.
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LocalGlobe led the round, with participation from Felix Capital, FJ Labs and angels including Joe Lonsdale from Palantir and former Adyen CTO Alexander Matthey.
Noah says its technology empowers businesses and their customers with lightning-fast, cost-efficient, and fully compliant global money transfers to rival the "slow, costly and frankly obsolete Swift system".
Through its API and checkout integrations, businesses can convert funds between fiat and stablecoins across a network of over 50 currencies and 70 countries in real-time, transparently, cheaply and without compromising compliance, claims the startup.
In a crowded market, Noah says that, while others bolt stablecoins onto existing or broader payment offerings, it is built around them, unequivocally committed to channelling its resources into building the essential infrastructure stablecoins need to scale.
The funding will be used to spearhead expansion into fintech hubs across US, Europe and Asia, pursue essential licensing, and backing its product and engineering divisions.
Thijn Lamers president, Noah and former EVP, global sales, Adyen, says: "Having had a front row seat to Adyen's explosive global demand, I see an even more profound trajectory for stablecoins.
"Our cutting-edge technology, our world-class team, and now the formidable backing of top-tier investors perfectly position Noah to capitalise on the immense potential of stablecoins and address the practical needs of global businesses."