A fintech company most people outside Latin America have never heard of just pulled off something that gets attention in any market: a 10x valuation jump between its seed and Series A rounds.
Trace Finance, a São Paulo-based infrastructure provider specializing in cross-border payments and stablecoin on/off-ramps, closed a $32 million Series A led by CoinFund. The round also attracted Coinbase Ventures, Haun Ventures, Jump Capital, Paxos, Chainlink Labs, and Solana co-founder Anatoly Yakovenko as an angel investor.
From $4.3M seed to a tenfold jump
The company raised $4.3 million in its seed round back in February 2022, with backing from Circle Ventures and HOF Capital. Since then, it has processed somewhere between $5 billion and $10 billion in total payment volume. A company that took in $4.3 million in seed funding went on to move billions in cross-border payments.
The client list helps explain the volume. Trace Finance’s infrastructure serves major players including dLocal, Bitso, and OKX.
