VC Roundup: Félix Pago Raises $15.5 Million for WhatsApp Remittances, Fortunafi Secures $9.5 Million for Asset Tokenization, and More

In a bustling week for venture capital activity in the crypto and fintech sectors, several startups have successfully secured substantial funding, showcasing the ongoing interest and investment in innovative financial technologies. Here is a detailed roundup of the significant funding events:

Félix Pago: Revolutionizing Remittances with WhatsApp

Félix Pago, a Latin American remittance startup, raised $15.5 million in a Series A funding round led by Castle Island Ventures. The company aims to simplify cross-border money transfers for Latino workers using WhatsApp as the primary interface. CEO Manuel Godoy highlighted the convenience of using WhatsApp, enabling users to send and receive money through a chatbot. The funds will be used to expand Félix Pago’s presence in Latin America and the U.S., leveraging Circle’s USDC stablecoin to reduce foreign exchange costs and streamline transactions.

Fortunafi: Pioneering Real-World Asset Tokenization

Fortunafi, a platform focused on real-world asset (RWA) tokenization, secured $9.5 million in funding from Shima Capital and Manifold, with participation from notable investors like Jordan Fish (Cobie) and Ari Litan of LayerZero Labs. The funds will support the development of Fortunafi’s platform and the launch of its new stablecoin protocol, Reservoir. This strategic round aims to enhance Fortunafi’s offerings and expand its reach in the crypto market, with a current valuation of $48.165 million.

SwitchBoard: Enhancing Oracle Solutions for Web3

SwitchBoard, an on-chain oracle startup, raised $7.5 million in a Series A round co-led by Tribe Capital and RockawayX, with support from the Solana Foundation, Aptos, and StarkWare. The investment will be used to expand SwitchBoard’s permissionless oracle network, which connects decentralized applications with real-world data. The platform’s secure and cost-effective solutions currently hold over $1.78 billion in total value, emphasizing its growing influence in the DeFi space.

SCRYPT: Expanding Crypto Asset Services

Swiss crypto asset services provider SCRYPT secured $5 million in funding, led by Brazil’s Braza Bank and supported by Funfair Ventures, Cabrit Capital, and Atlantic Labs. SCRYPT plans to use the funds to expand into the Latin American market, leveraging Braza Bank’s expertise in FX and cross-border payments. The company has doubled its client base and increased trading volume 18-fold year-on-year, showcasing significant growth and market penetration.

STON.fi: Growing the Decentralized Exchange Ecosystem

UK-based decentralized exchange STON.fi raised $3.6 million in funding from a round led by CoinFund, with participation from Delphi Ventures, Karatage, and TON Ventures. The funds will be used to enhance operations and expand financial services to Telegram users, facilitating instant exchanges of Toncoin (TON) and USD stablecoins for native tokens. This investment highlights the growing interest in decentralized finance solutions and their integration with popular messaging platforms.

Coinflow and Plural: Advancing Financial Solutions

Coinflow, an instant settlement payment provider, raised $2.3 million in a seed round led by CMT Digital, with participation from DCG, Reciprocal Ventures, Jump Crypto, and Draper Dragon. The funds will be used to expand Coinflow’s sales, engineering, and compliance teams. Coinflow’s platform supports over 50 merchants and allows businesses to settle transactions instantly with stablecoins, emphasizing its rapid growth since its launch in early 2023.

Plural, offering on-chain investment solutions for renewable energy developers, also raised $2.3 million in a round led by Neil Devani of Necessary Ventures and Michael Dempsey of Compound. Volt Capital and Maven 11 also participated. Plural’s first offering with Solaris Energy aims to provide innovative investment options in the renewable energy sector, aligning financial growth with environmental sustainability.

Conclusion

The recent venture capital activities in the crypto and fintech sectors underscore the robust interest and confidence investors have in these innovative technologies. From simplifying remittances with WhatsApp to pioneering real-world asset tokenization, these startups are set to make significant strides in their respective fields. The successful funding rounds highlight the dynamic nature of the market and the continuous evolution of financial technologies, promising exciting developments and advancements in the near future.