The fintech BRLA Digital, which specializes in cross-border payments and cryptocurrency infrastructures, has just raised BRL$3 million in its first round of funding.
Participating in the pre-seed round is Coins, a Filipino exchange led by Wei Zhou (former CFO of Binance); and Rodrigo Benez, a digital asset investor who founded the first stablecoin in Brazil with SimpliPay, among other investors.
According to the fintech company, the funds come when their operations in Brazil need a boost.
“Most of the investment will be directed towards technology, integrating new features, new currencies, and investment products related to our solutions.
“Furthermore, we will invest in growth to attract new business clients,” explained Matheus Moura, CEO of BRLA Digital, in an interview with Startups.
Currently, the fintech operates by offering financial infrastructure and cross-border payment services (in compliance with regulations) to local or international crypto-friendly companies looking for opportunities in the Brazilian market.
To achieve this, they have developed a stablecoin linked to the Brazilian real (BRLA Token) to provide an economical and stable mechanism for users or businesses to access the world of crypto assets.
“Brazil has gained international recognition for its favorable crypto market legislation and disruptive projects like DREX.
“This attracts the attention of many foreign companies to the country, and we believe our solution acts as a bridge to connect these companies with our market. We have a great avenue for growth,” said Leandro Noel, CSO of the fintech.
BRLA Digital was founded in 2022, driven by Brazil’s increasing visibility in the crypto asset scene, mainly due to its advanced and positive regulatory agenda.
According to Matheus, the first challenge they faced was understanding the technology and regulatory compliance so that both could work together.
“We spent five months studying all the technology and regulatory compliance before getting started.
“Our next challenge was bringing in our first client, something we expected to achieve in six months but accomplished in two, which greatly helped us evolve the solution,” the CEO emphasized.
With the boost the investment will provide the business, BRLA Digital plans to reach at least 30 clients by 2024 (currently serving five) and process over BRL$100 million monthly.
Until 2022, the city of San Juan, Puerto Rico, had the most Bitcoin ATMs installed with 33, while El Salvador is the country with the most cities having this infrastructure.
