Noah raises $38m for stablecoin payments platform

Stablecoin payments infrastructure provider Noah has closed its seeding round after pulling in $38 in funding.

The capital boost follows a 538% increase in year-to-date revenue and 31% month-on-month growth as more companeis transition to stablecoin payments.

B2B stablecoin payments have reached an annualised value of $226bn, representing an increase of 733% year-over-year. 

However, stablecoins today account for less than 1% of the $34.8trn in annual cross-border B2B payments, suggesting there is still potential for a significant increase in future adoption.

According to Noah, the capital will be used to finance an expansion of its international money transfer service inlcuding the opening of a New York office and the recruitment of engineering and compliance specialists.

The funding was provided by a number of investors including Endeit Capital, FJ Labs, LocalGlobe and Felix Capital. 

“Stablecoin is critical to the future of money movement. International transfers are highly regulated and increasingly challenging as every country, currency, and payment method requires local partnerships, integrations, and compliance infrastructure,” said Noah co-founder Thijn Lamers .

“We founded Noah to set money free by building an international network where the on-ramps, off-ramps and compliance are built in, so that payments can move seamlessly across the world.

“Over the next 12 months, Noah is scaling its business to the level required to support four to five times its current revenue, with our longer term ambition to become the underlying network through which businesses move money internationally. We want to make stablecoin settlement invisible to the companies and individuals benefiting from it,” added Lamers.

Source: https://www.finextra.com/newsarticle/48548/noah-raises-38m-for-stablecoin-payments-platform