CFX Labs, a Chicago, IL-based payment network company, raised $9.5M in Seed funding.
Backers included Shima Capital, Decasonic, Antalpha, CMT Digital, Corazon Capital, Hard Yaka, Kraken Ventures, New Form Capital, Metropolitan Capital Bank & Trust and others.
The company intends to use the funds to provide resources to expand its network reach and continued development of innovative technologies supporting international payments.
Led by CEO Nick Cavet, CFX Labs is a fintech provider enabling global users to leverage blockchain within a secure closed-loop system, to reduce international remittance costs, fraud, and settlement times. It integrates with key payment infrastructures in the United States, Mexico, Brazil, India, Nigeria, and additional African countries. The platform ensures transactional security and compliance through robust AML / KYC measures, thereby offering a secure, efficient, and user-centric experience for global money movement. The company’s offerings include the MoveMoney™ embedded wallet, which enables users to send and receive fiat instantly from brick and mortar locations across the U.S. at network affiliated locations including Walmart, CVS, Walgreens and Rite-Aid and others.