Stablecoin infrastructure firm TransFi has raised $19.2 million U.S. to help expand its operations.
The company reports that it raised $14.2 million U.S. in a Series A round, along with a $5 million U.S. liquidity facility. The funding round was led by Turing Financial Group.
In a news release, TransFi said that it plans to use the additional capital to expand across Asia and the Middle East, as well as Latin America and Africa.
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A portion of the new money will also go towards strengthening the company’s artificial intelligence (A.I.) technologies and product development.
TransFi specializes in stablecoin infrastructure that helps to facilitate business-to-business payments, checkouts, and stablecoin orchestration.
“This Series A allows us to scale our infrastructure across high-friction markets and continue proving that stablecoin-enabled payments are not the future, they are already happening,” said TransFi CEO Raj Kamal in the press release.
TransFi says that it is an alternative to traditional banking and SWIFT-based systems, and claims that it will achieve $5 billion U.S. in processed transaction volume by the end of 2026.
The company currently operates in more than 70 countries and supports more than 40 fiat currencies and over 100 different cryptocurrencies.
TransFi is a private company and its stock doesn’t trade on a public exchange.
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