Track Your Finances raised $32 million in Series A financing in a round led by CoinFund. Other investors participating in the offering included well-known investors in the crypto industry, including Coinbase Ventures, Haun Ventures, Paxos, HOF Capital, Valor Capital and Jump Capital.
Smaller investors include Chainlink Labs and SNZ Capital, as well as Circle co-founder Sean Neville; Anatoly Yakovenko, co-founder of Solana Labs; Bam Azizi, co-founder and CEO of Mesh; and Ricardo Villela Marino, Partner and Executive Vice President of Itaú Unibanco, Latin America’s largest bank.
Trace Finance operates in the stablecoin industry, enabling payments, transfers and payment reporting and has already processed $10 billion worth of transactions. As the payment stablecoin business develops, the company predicts that demand from the regulated financial sector will increase.
The company said U.S.-Brazil transfers were a “proving ground” for its operations. Trace says Brazil classifies cross-border digital asset movement as foreign exchange transactions and shifts volume from non-bank providers to bank-level infrastructure, where Trace excels.
Trace shares that it has expanded its operations in the Americas and the Asia-Pacific region.
Bernardo BritishThe co-founder and CEO of Trace Finance says stablecoins alone do not solve the need for cross-border payments, but adding regulatory-compliant services to the local banking ecosystem provides the solution.
CoinFund Partner Einar Braathen He believes the winners will be Fintechs that bridge on-chain settlement with compliant local banks.
“Brazil is one of the largest and most operationally complex payment environments in the world, and Trace has built the regulated infrastructure that global blue-chip businesses use to scale while saving time and costs compared to legacy alternatives.”
