Canza Finance Secures $2.3M to Expand Its Web3 Neobank Services in Nigeria
Canza Finance, a Web3 neobank that offers crypto-based financial services to businesses in Nigeria, has raised $2.3 million in a strategic funding round led by Polychain Capital, a leading crypto venture capital firm. The round also saw participation from other prominent investors in the crypto space, such as Protocol Labs, Ava Labs, Bitscale Capital, Stratified Capital, Contango Digital Assets, Kairon Labs, Hyperithm, Stateless Ventures, YTWO VC, Mapleblock Capital and HASH CIB.
Canza Finance announced the news on its Twitter account, saying that the new funding will help the startup to scale its operations, grow its team, and launch new products. Canza Finance also thanked its existing investors, Fenbushi Capital, Hashkey Capital, NGC Ventures, ConsenSys Mesh and others, who have supported the startup since its inception in 2020.
We are delighted to announce a strategic fund raise of $2.3m led by @polychain, and participation from: @protocollabs, @AvaLabs, 99 Capital, @BitscaleCapital, @StratifiedCap, @ContangoDigital, @KaironLabs, @hyperithm, @StatelessVC, @ytwovc, @Maple_block, and @HASHCIB pic.twitter.com/3K2LA43Vz5
— Canza Finance (@Canza_Finance) January 16, 2024
Canza Finance is building the world’s largest non-institutional-based financial system, leveraging Web3 and decentralized finance (DeFi) technologies, along with a network of local money market players, to provide financial data and transaction-based services to the masses. Canza Finance aims to empower underserved small and medium-sized enterprises (SMEs) in emerging markets, especially in Nigeria, where access to traditional financial services is limited and costly.
Canza Finance offers a suite of products that cater to the needs of its target market, such as Baki, an infinite liquidity exchange for African currencies; JaraNetwork, an on-chain financial services provider offering over-the-counter (OTC), payments, treasury and custody solutions; Jollof.fi, a DeFi protocol that develops DeFi products with a focus on emerging markets; and Canza Crypto Teller Machine (CTM), a device that facilitates onramps and offramps for crypto transactions.
Canza Finance claims to have over 10,000 users and 500 businesses on its platform, and to have processed over $100 million in transactions since its launch. The startup also boasts of having a strong team with expertise in banking, economics, finance, engineering, product and innovation.
The startup’s co-founder and CEO, Pascal Ntsama IV, said that the new funding round is a validation of Canza Finance’s vision and mission to make financial services universally accessible for SMEs across emerging markets. He also said that the startup is excited to partner with Polychain Capital and other investors, who share the same passion and belief in the potential of Web3 and DeFi.
Polychain Capital’s founder and CEO, Olaf Carlson-Wee, said that Canza Finance is one of the most innovative and promising projects in the Web3 and DeFi space, and that the firm is impressed by the startup’s traction and growth in the Nigerian market. He also said that Polychain Capital is looking forward to supporting Canza Finance in its journey to become the leading Web3 neobank in Africa and beyond.
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