CFX Labs, a fintech company in the global payment processing space, has raised $9.5 million in seed funding. The money will help expand its international payment network, which currently serves over 350 million people, with plans to reach over 1.2 billion individuals by the end of Q2 2024.
CFX Labs aims to revolutionize stablecoin settlements with its fiat payment platform which enables users to move money instantly across borders. The company’s offerings include the MoveMoney embedded wallet which lets users to send and receive fiat instantly to affiliated locations such as Walmart and CVS.
The global remittance market, relied upon by over one billion people, faces challenges such as high costs, slow settlements and limited accessibility. CFX Labs aims to address these issues by reducing unnecessary costs and improving access to secure funds which can ultimately stimulate economic growth and reduce inequality.
