Payments software utilizes modern rails to transform outdated money flows between emerging and developed markets
NEW YORK--(BUSINESS WIRE)--Cedar Money, a payments company that enables seamless cross-border money movement on stablecoins, announced today a $9.9 million seed round led by QED Investors, with participation from North Island Ventures, Wischoff Ventures, Lattice, and Stellar. The funding will enable Cedar Money to accelerate its mission of transforming international money flows using cutting-edge payment infrastructure.
Cedar Money’s platform addresses the challenges of the correspondent banking network, a system dating back to the 1970s that has resulted in slow, expensive and complex processes, creating barriers for businesses. Cedar Money leverages stablecoins to deliver faster, more reliable and cost-effective cross-border payments between developed and emerging markets.
By integrating blockchain technology on the backend with a user-friendly, familiar fiat-based interface, Cedar Money offers businesses a seamless and compliant payment solution..
“The funding underscores the urgency for innovative payment solutions in a world where businesses face significant barriers in moving money across borders,” said Benjy Feinberg, CEO of Cedar Money. “We’re proud to partner with forward-thinking investors like QED who share our vision of creating a truly global and inclusive financial ecosystem.”
Since its inception, Cedar Money’s tools have proven particularly impactful in regions where traditional payment systems are cumbersome, costly or inaccessible. With its compliance-first approach, Cedar Money bridges the fiat and stablecoin worlds, ensuring secure and regulated money movement globally.
The announcement comes at a time of burgeoning market opportunities for stablecoins. Recent market activity and favorable sentiment around digital assets, driven in part by ongoing regulatory clarity and support, underscore the timeliness of Cedar Money’s mission. Furthermore, the results of the U.S. presidential election have spotlighted the increasing importance of digital currencies in the global financial dialogue, amplifying the demand for efficient and compliant payment solutions.
“Cedar Money’s approach aligns perfectly with the positive momentum in the digital asset ecosystem, as businesses and governments alike recognize the transformative potential of stablecoins in enhancing cross-border money flows,” said Feinberg.
Added QED Investors Partner Gbenga Ajayi: "Cedar Money’s innovative platform is not just transforming cross-border payments, it’s creating a new paradigm in global finance. 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. We’re thrilled to support their journey."
About Cedar Money
Founded in 2022, Cedar Money was created to transform the global payment landscape by pioneering modern approaches to international money flows. Leveraging stablecoins, Cedar Money rewires outdated SWIFT and correspondent banking network rails with innovative infrastructure. By enabling seamless and efficient money movement across geographies, Cedar Money bridges gaps between emerging and developed markets, ensuring compliant and secure transactions for businesses worldwide. Learn more at https://www.cedar.money/us
About QED Investors
QED Investors is a global leading venture capital firm based in Alexandria, Va. Founded by Nigel Morris and Frank Rotman in 2007, QED Investors is focused on investing in disruptive financial services companies worldwide. QED Investors is dedicated to building great businesses and uses a unique, hands-on approach that leverages its partners’ decades of entrepreneurial and operational experience, helping companies achieve breakthrough growth. Notable investments include AvidXchange, Betterfly, Bitso, Caribou, ClearScore, Creditas, Credit Karma, Current, Flywire, Kavak, Klarna, Konfio, Loft, Mission Lane, Nubank, QuintoAndar, Remitly, SoFi, Wagestream and Wayflyer. Learn more at www.qedinvestors.com.
Contacts
Media Contact:
Titilayo Oluwatosin
Director of Marketing and Communications
Cedar Money
marketing@cedar.money