Lowering the Cost of Doing Business
Nigerian crypto startup Canza Finance has recently raised $2.3 million in a strategic funding round, bringing its total capital raised to $5.5 million. The round was led by Polychain Capital, with participation from Protocol Labs, Ava Labs, 99 Capital, and Stratified Capital. Canza Finance plans to use the funds to acquire licenses from different African financial regulators. In particular, it aims to obtain a foreign exchange license and three virtual asset licenses from Mauritius’ Financial Service Commission, as well as a money services business license from U.S. regulators. The startup also intends to use the funding to develop its decentralized finance (defi) platform, Baki, in order to lower the cost of doing business.
The ultimate goal of Canza Finance is to make financial services more accessible to small businesses, which are commonly excluded from such services. With the acquisition of licenses and the development of its defi platform, Canza Finance hopes to achieve this goal by creating innovative tools and services that lower the expense of conducting business across Africa.
Hot Take: Canza Finance Raises $2.3 Million to Expand Operations and Lower Business Costs in Africa
Canza Finance, a Nigerian crypto startup, has successfully closed a strategic funding round, raising $2.3 million. The funding round was led by Polychain Capital and included other notable participants. With this funding, Canza Finance plans to acquire licenses from various African financial regulators, including Mauritius’ Financial Service Commission and U.S. regulators. These licenses will enable the startup to develop its decentralized finance platform called Baki. By doing so, Canza Finance aims to reduce the cost of doing business and make financial services more accessible to small businesses in Africa. This strategic funding round marks an important milestone for Canza Finance as it works towards its mission of enhancing cross-border trade in Africa.
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