Fintechs are increasingly adopting stablecoins—a non-volatile type of cryptocurrency typically pegged to the US dollar. When it comes to payments and money transfers, stablecoins offer clear advantages but developing the infrastructure to support them can be slow and costly. This is where Levl wants to fill the gap. The startup aims to build a platform where digital wallets and other fintechs can seamlessly send money around the world using stablecoins.
Levl announced on Wednesday that it raised $7 million in a seed round led by Galaxy Ventures, with participation from Protagonist, Deus X, Blockchain Builders Fund, among other investors. Jaisel Sandhu, the founder and CEO of Levl, declined to disclose the company’s valuation in an interview with Fortune.
“Instead of the fintech rebuilding their internal plumbing, we can abstract away all the complexity of trying to bridge traditional payments systems with digitals assets,” Sandhu said. “They can get all of the efficiencies of stablecoins without having to deal with building all of that infrastructure in-house.”
Levl’s clients are digital wallets, neobanks, and other fintechs. These companies typically use Levl as the infrastructure platform for their remittances or business to business payments. Two of its clients are TerraPay, a business to business payments provider, and Taptap Send, an international payments company. Levl says that it currently has more than 20 clients.
