rewrite this title Cedar Money Raises $9.9 Million for Cross-Border Stablecoin Payments – Finovate

Cedar Money has raised $9.9 million in Seed funding.

The round was led by QED Investors, with participation from North Island Ventures, Wischoff Ventures, Lattice, and Stellar.

Cedar Money leverages stablecoins instead of SWIFT to offer faster, more reliable, and cost-effective international money transfers, particularly in regions where traditional systems are inefficient or inaccessible.

Cross-border stablecoin payments company Cedar Money announced this week that it has raised $9.9 million in Seed funding. This initial investment round was led by QED Investors. North Island Ventures, Wischoff Ventures, Lattice, and Stellar also participated.

The Israel-based company was founded in 2022 to enable efficient business-to-business money transfers across geographies. Because it leverages stablecoins, the company does not rely on outdated SWIFT and correspondent banking rails and is able to deliver faster, more reliable, and cost-effective cross-border payments between developed and emerging markets.

Cedar Money will use today’s funds to accelerate its mission of transforming international money flows through blockchain payments. “The funding underscores the urgency for innovative payment solutions in a world where businesses face significant barriers in moving money across borders,” said Cedar Money CEO Benjy Feinberg. “We’re proud to partner with forward-thinking investors like QED who share our vision of creating a truly global and inclusive financial ecosystem.”

By integrating blockchain technology with a user-friendly, fiat-based interface, Cedar Money is able to offer a compliant payment solution that works for businesses across the globe. The company’s technology has had a notable impact in regions where traditional payment systems are cumbersome, costly, or inaccessible.

If you’ve been paying attention to fintech news in the past three months, you’re likely aware that Cedar Money’s announcement comes amid a boom for cryptocurrencies, and especially stablecoins. Stripe’s acquisition of stablecoin-focused fintech Bridge set off an avalanche of stablecoin excitement, bringing to light the possibilities of using stablecoins, especially in cross-border transactions. The recent administration change in the U.S. has also increased the stablecoin excitement by promising a crypto-positive regulatory environment.

“Cedar Money’s approach aligns perfectly with the positive momentum in the digital asset ecosystem, as businesses and governments alike recognize the transformative potential of stablecoins in enhancing cross-border money flows,” added Feinberg.

Photo by ROMAN ODINTSOV

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