On the 16th of January, 2024, Canza Finance, a web3 neobank, announced a strategic fund raise of $2.3 million led by Polychain Capital, an investment platform focused on managing blockchain assets.

This also had contributions from Protocol Labs, Ava Labs, 99 Capital, BitScale Capital, Stratified Capital, Contango Digital Assets, Kairon Labs, Hyperithm, Stateless Ventures, Mapleblock Capital, and Hash CIB. Before now, Canza had raised the sum of $3.27 million as its seed round last year, bringing the total sum to $5.5 million.

They plan to use this funding to acquire licenses from finance regulators in the African space. More specifically, they aim to obtain a foreign exchange license in Nigeria, a money servies business license from U.S regulators and three virtual asset licenses from Mauritius’ Financial Service Commission.

These licenses will be used to implement financial services on Baki Exchange. Baki is an infinite-liquidity (DeFi exchange) foreign exchange protocol owned by Canza Finance. It is a digital platform used to swap different currencies at official rates. These currencies are represented by stable coins which are pegged to the dollar.

All of the conversions are done according to central bank rates within record time. This development prevents the obstacles faced in traditional FX markets, allows users to gain stability in the dollar markets, and earns their interests accordingly.

During an interview with Techcabal, Canza’s CEO stated that “the company’s goal is to make it easier for businesses to access financial services that are typically only available to large corporations. Canza works with FX agents in these regions to provide a faster and cheaper way to send and receive money. To complete a transaction, businesses must submit a valid invoice and complete the KYC/KYB processes. Canza determines the exchange rate for the transaction and completes the transaction within 24 hours.”

Image Credit / Canza Finance