London-based blockchain payments startup Riva Money has secured $3 million in a pre-seed funding round led by venture capital firm Project A, with participation from angel investors connected to Revolut, Monzo and J.P. Morgan.
According to a company news release, the funds will help Riva tackle major challenges in international money transfers, particularly high costs and long transfer times, which can take up to a week due to reliance on traditional banking networks.
Riva uses blockchain technology to power its payments platform and streamline the transfer process, allowing businesses to send money more quickly and efficiently.
In addition to improving its technology, which will launch soon, Riva plans to use the investment to expand operations across Europe, Asia and North America.
