CFX Labs – a future leader in monetizing rapid and secure international payments markets currently operating a nationwide payment network – recently announced it has raised $9.5 million in seed funding. And 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, and Metropolitan Capital Bank & Trust, amongst others in an oversubscribed round.
Over one billion people globally rely on being able to make secure, fast, and inexpensive domestic and international remittance transfers. And CFX Labs’ 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 transforming stablecoin settlements globally with a fiat payment platform enabling users to move money across borders instantly. 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, Rite-Aid, and others.
There are one in seven people globally relies on remittances. However, high costs, slow settlements, and limited accessibility significantly impact households that rely on remittances. These factors affect smaller businesses that make infrequent global payments to suppliers. Reducing unnecessary costs and improving access to more secure funds can stimulate economic growth, enhance global commerce, improve international remittances, and reduce inequality.
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.
CFX Labs partners with emerging brands and established retail leaders to monetize the movement of money with a unique revenue share model.
KEY QUOTES:
“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.”
– Nick Cavet, co-founder and CEO of CFX Labs
“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.”
– Sam Yagan, Co-Founder & Managing Director of Corazon Capital
