Singapore-based fintech firm Cenoa has raised $7m in seed funding to support its expansion plans. The funding round was led by venture capital firm Quiet Capital and investor Underscore VC, with additional commitments from Human Capital, Ulu Ventures, Acrew Capital, and Collective Spark. The funds will be used to expand Cenoa’s operations in new and existing markets across Latin America, Africa, Southeast Asia, and Europe, as well as to hire staff across various departments.
Cenoa aims to provide a non-bureaucratic, borderless solution for accessing digital dollar-based products without any fees and earning an inflation-resistant yield. The company believes that as the US dollar is at its strongest in 20 years and there is increasing demand for USD savings in emerging markets, its non-custodial wallet can help users make their assets devaluation-proof and increase savings growth.
Cenoa Founder and Co-CEO Seçkin Çağlın stated, “Cenoa offers easy access to digital dollar-based products designed for the everyday user. We believe in using modern technologies like blockchain to provide one-click access to the digital dollar ecosystem for the benefit of customers in emerging economies lacking stable currencies.”
The platform is currently in its beta-testing phase with 1,000 private users and is available in 35 markets. Cenoa’s goal is to onboard millions of customers around the world and offer seamless local currency to dollar conversion services over the next two years.
Pan Finance is a print journal and news website providing worldwide intelligence on finance, economics and global commerce. Known for our in-depth analysis and opinion pieces from esteemed academics and celebrated professionals; our readership consists of senior decision makers from across the globe.