The Nigerian cryptocurrency startup revealed on January 16 that it has closed a $2.3 million strategic fund to finance the acquisition of operating licenses from several African regulators. Canza Finance said it hopes the new licenses and defi platform will help it achieve its goal of reducing the cost of doing business.
Reduce the costs of doing business
Nigerian cryptocurrency startup Canza Finance announced on January 16 that it has secured a strategic fundraising round of $2.3 million. The latest round of financing brings the capital raised by Canza Finance to $5.5 million. Polychain Capital led the round with participation from Protocol Labs, Ava Labs, 99 Capital and early-stage venture capital firm Stratified Capital.
We are excited to announce a strategic fundraising of $2.3 million led by @polychain with participation from: @protocollabs, @AvaLabs, 99 Capital, @BitscaleCapital, @StratifiedCap, @ContangoDigital, @KaironLabs, @hyperithm, @StatelessVC , @ytwovc , @Maple_block and @HASHCIB pic.twitter.com/3K2LA43Vz5
— Canza Finance (@Canza_Finance) January 16, 2024
According to a Techcabal report, Canza Finance plans to use the funding to acquire licenses from several African financial regulators. In Nigeria, Canza Finance hopes to obtain one exchange license and three virtual asset licenses from the Financial Service Commission of Mauritius. The startup also aims to obtain a money services business license from US regulators.
Additionally, the startup said it intends to fund the construction of infrastructure for its decentralized finance (defi) platform Baki. Overall, Canza Finance said it hopes the new licenses and defi platform will help it achieve its goal of reducing the cost of doing business.
“This funding round allows us to further develop innovative tools and services, dedicated to easing the expense of doing business across the African continent,” Canza Finance said in a post on X.
Pascal Ntsama, co-founder and CEO of Canza Finance, said the startup aims to make it easier for small businesses to access financial services normally reserved for large corporations.
