Canza Raises $3.27M to Offer Crypto Financial Services in Nigeria

Canza Finance, a Nigerian cryptocurrency startup Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term, announced on Wednesday that it completed a $3.27 million seed round financing to offer crypto financial services across the country.

Canza, founded by former AT&T employees Pascal Ntsama and Oyedeji Oluwole, aims to become a crypto neobank that connects African businesses to the global economy. Currently, the company offers cross-border settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term and treasury management.

Fenbushi Capital, a blockchain-focused venture firm, led the round with Dominance Ventures, Hashkey Capital, Boxing Ventures, Consensys, Protocol Labs and others participating, Forbes reported.

According to Ntsama, the company's CEO, cross-border settlement is currently the company's most advanced offering, with roughly $1 million in volume sent weekly to Canada, China, Turkey, United Arab Emirates and the United States. Later this year, a treasury management service will be launched.

Canza addresses some of the biggest challenges Nigerian enterprises faced by focusing on cross-border settlement and treasury management. To assist Nigerian businesses and FX agents in settling international transactions, Canza has established itself as a crypto-based hawaladar, which partners with companies in different countries as an on-ramp/off-ramp.

An FX agent or businessperson takes the Naira equivalent of the payment they wish to make to Canza. Using a stablecoin like USDT, Canza then transfers the dollar equivalent to its off-ramp/on-ramp partner in the destination country, who then delivers the payment in fiat to the seller.

"We're investing heavily on legal, bringing on a compliance manager, working with a combination of legal firms in different territories and going after specific licenses, such as a PSSP license in Nigeria and a money transmitter license in the US," Ntsama commented.

Serena Williams and Cryptos

Recently, Nestcoin, Nigeria’s investment firm, announced it had raised $6.45 million in a pre-seed funding round led by Venture capital firms Distributed Global and Alter Global. Serena Ventures, MSA Capital, A&T Capital, 4DX Ventures, Alameda Research and a few others also participated in the funding round.