Cross-border stablecoin payments platform Cedar Money has raised $9.9 million in a seed funding round led by QED Investors.
North Island Ventures, Wischoff Ventures, Lattice, and Stella joined the round.
Founded in 2022, Cedar Money uses blockchain technology and stablecoins to take on the old Swift and correspondent banking network rails.
While business and retail users transact in fiat, the company uses stablecoins in the background to deliver faster, more reliable and cost-effective cross-border payments.
Cedar stresses its compliance-first approach, bridging the fiat and stablecoin worlds, ensuring secure and regulated money movement globally. This, it argues, makes it particularly useful in emerging markets.
QED Investors partner Gbenga Ajayi says: " By leveraging stablecoin technology while maintaining a fully compliant and fiat-aligned user experience, Cedar Money is uniquely positioned to tackle the inefficiencies of the global financial system."