Cross-border payments startup Keeta has launched with $17 million in funding from investors including former Google CEO Eric Schmidt.
Powered by proprietary ledger technology capable of processing more than 50 million transactions per second, and a network of interconnected real-time payment rails, Keeta’s platform promises to dramatically reduces the time and fees typically associated with international money transfers.
Whereas current cross-border payments can cost upwards of five per cent of the amount transferred and take nearly a week to process, Keeta says its technology can send these payments instantly at a fraction of the price.
Fintechs and financial institutions can access the platform via APIs or custom integrations, while the company is also rolling out a consumer-facing app. At launch, the service is available in the US, Canada, Mexico, Brazil, the United Kingdom, and the European Union.
Ty Schenk, CEO, Keeta, says: "We want to make international payments as easy as Venmo...Keeta connects places like São Paolo and New York with more convenient, safe, and secure payments while adhering to the highest regulatory standards."
Adds Schmidt: "Keeta’s technology is orders of magnitude more scalable and efficient than existing solutions."