CFX Labs closes $9.5m seed round to accelerate the transformation of global payment processing and monetization
CFX Labs, a U.S.-based fintech innovator, 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, 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.
Nick Cavet, Co-founder and CEO, CFX Labs: "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. 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.
Sam Yagan, Co-founder and Managing Director, Corazon Capital: "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. 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.