Trace Finance, a Brazilian fintech business that helps startups conduct cross-border banking more quickly and efficiently, has raised US$ 4.3 million in seed funding on 16th Feb 2022.
Circle Ventures (the business behind USDC – a major USD-pegged stable coin with a US $50 billion fully diluted market valuation), The Chainsmokers (via their fund Mantis VC), and others, HOF Capital (investors in Dapper Labs, Terra, Flutterwave, and SpaceX) spearheaded the investment. Seed money will be used to grow the company’s global banking solution for entrepreneurs, starting with the United States and Brazil.
What the founder has to say:
“We’re getting a lot of interest from Brazilian and Latin American entrepreneurs and investors who are raising huge rounds but are having trouble finding strong banking partners to collect those funds and move them to their operations division of the company.”
“We’ve built a new, more efficient platform that bridges the gap between these locations, allowing for rapid expansion. We are thrilled to collaborate with such a fantastic set of customers and investors, and we believe that this round will significantly improve the financial health of those businesses around the world.”
-Bernardo Brites, co-founder and CEO of Trace Finance.
What the investors have to say:
“With treasury management and smooth cross-border payments for startups in Latin America, Trace Finance is at the vanguard of combining the benefits of crypto with traditional finance,” stated Victor Wang, Partner at HOF Capital. “The company’s services will alleviate multiple pain points that Brazilian startups are currently experiencing, and we’re eager to partner with them as they disrupt business finance across the continent and beyond.”
“We are ecstatic to be investing in and supporting Trace Finance’s staff and vision. We believe that there are huge and mostly untapped investment prospects in Latin America. Trace Finance is one of those rare companies that are well-positioned with a great product at the right time, and we’re excited to see them execute as American investors broaden their horizons in Brazil and Latin America. Trace Finance is going to have a great year!” – The Chainsmokers, Drew and Alex, Mantis VC Partners.
About Trace Finance:
Trace Finance is developing a seamless worldwide banking solution for startups starting in Latin America. They assist startups in obtaining capital for their local operations by providing a better, less expensive, and faster option.
Bernardo Brites, Rafael Luz, and Leone Parise, who have substantial experience in crypto and fintech enterprises, formed Trace Finance in early 2021. The company is situated in So Paulo, Brazil. It works with entrepreneurs and investors to improve the experience of moving money across borders by providing an integrated financial platform that allows them to have a smooth banking experience. The original team successfully scaled prior startups, like Binance, Trust Wallet, and Decred.
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