Canza Finance raises $2.3m to deepen its cross-border trade play
Summary
Canza Finance, a Web3 neobank enabling cross-border payments for African startups, has closed a $2.3 million strategic round. The company will use the funding round to acquire licenses from diverse financial regulators across Africa and build the foundation for its innovative FX DeFi platform, Baki. These limitations often stop them from getting good deals on international payments, buying and selling stocks, or earning interest on their money.Pascal Ntsama, Canzas co-founder and CEO, says the companys goal is to make it easier for businesses to access financial services that are typically only available to large corporations. By embracing stablecoins and decentralised finance tools like Baki, Canza helps them to secure dollar stability and overcome traditional forex hurdles. Additionally, we will drive the growth of our DeFi infrastructure products, Oyedeji Oluwoye, co-founder and CTO of Canza Finance told TechCabal.In the coming months, the startup hopes to acquire multiple licenses it needs for virtual asset custodian, broker-dealer, and exchange services, Ntsama said.