Cedar Money, a U.S. fintech company, recently secured seed funding of $9.9M. With QED Investors at the helm, other contributors include Lattice, NIV, Stellar, and Wischoff Ventures.
Like other stablecoin-focused platforms, Cedar Money operates as a conduit—managing transactions in the background while businesses and individuals use a fiat-based site. This funding will allow the fintech to expand its payment infrastructure and streamline international payments.
Founder and CEO, Benjy Feinberg, identified the opportunity in the payments and blockchain sector after a successful stint at Behalf, an alternative financing provider. His attention turned to emerging markets where the need for stable transactions was more prominent due to weak local currencies and high transaction fees.
Cedar Money began its operations in Nigeria, assisting businesses with global transactions. Feinberg admits establishing payment and compliance rails is daunting but believes the company’s success lies in maneuvering through the regulatory requirements of different countries and banks. He views educating banks about the legitimacy of funds from undeveloped nations as one of their prime challenges.
Although the U.S. and other markets may have tighter regulations around stablecoins, compliance is becoming more straightforward. The recent acquisition of stablecoin startup Bridge by Stripe showcases a growing acceptance towards stablecoin payments, which pushes other banks and regulators towards a more relaxed stance.
Since its inception in 2024, Cedar Money processes millions in transaction volume monthly, primarily focusing on businesses dealing with tangible assets. The entry of Cedar Money into the stablecoin market has strengthened the sector’s increasing relevance. However, Feinberg believes the international payment market is still underexploited by stablecoin platforms.
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