TLDR:
- Fintech startup Canza Finance has raised $2.3 million in a strategic funding round to support its cross-border payment solutions for African startups.
- The funding will be used to acquire licenses from financial regulators across Africa and build the foundation for its FX DeFi platform, Baki.
Fintech startup Canza Finance has secured $2.3 million in a strategic funding round to support its mission of enabling cross-border payments for African startups. The company plans to use the funding to acquire licenses from financial regulators throughout Africa and develop its FX DeFi platform, Baki.
Canza Finance collaborates with FX agents in various regions across Africa to provide a faster and more cost-effective method of sending and receiving money. To complete a transaction, businesses must submit a valid invoice and undergo the KYC/KYB processes. Canza then determines the exchange rate for the transaction and completes it within 24 hours.
The company’s innovative platform, Baki, leverages stablecoins, which are digital currencies pegged to the US dollar, to assist businesses in swapping their currencies into dollars without incurring expensive forex fees. This approach aims to simplify the process of cross-border transactions for African startups.
The funding round will enable Canza Finance to expand its operations and improve its services, ultimately supporting the growth and success of African startups in the fintech space. By obtaining licenses from diverse financial regulators across Africa, the company can ensure compliance and provide a secure and trusted platform for cross-border payments.
Overall, Canza Finance’s funding round highlights the increasing importance of fintech solutions in Africa’s startup ecosystem. As cross-border transactions become more prevalent, innovative platforms like Baki offer a streamlined and efficient way for African startups to conduct business globally.
