Canza Finance Raises $2.3 Million in Funding to Support The Development of Its DeFi Products
Nigerian-based Web3 Neobank Canza Finance has announced the raise of $2.3 million in funding to support the development of its DeFi products, including the newly launched Baki.
The funding round was led by Polychain Capital, with other investors, including Protocol Labs, Blizzard Fund, 99 Capital, Stratified Capital, and Hyperithm.
The company said the funding round will empower it to further develop innovative tools and services, dedicated to easing the expense of conducting business across the African continent.
Also, it announced that the funding will be used to acquire licenses from diverse financial regulators across Africa and build the foundation for its innovative FX DeFi platform, Baki.
Through Baki, Canza uses stablecoins, digital currencies pegged to the dollar, to help businesses swap their currencies to the dollar without incurring hefty forex fees.
The startup works with FX agents to provide a faster and cheaper way to send and receive money. To complete a transaction, businesses have to submit a valid invoice and complete the KYC/KYB processes. Canza determines the exchange rate for the transaction and completes the transaction within 24 hours.
Canza is building the world’s largest non-institutional-based financial system, utilizing Web 3.0 and decentralized finance (DeFi) along with a robust network of experienced local money market players to distribute financial data and transaction-based services to the masses with its wide suite of products.
Canza makes money by charging 1% of the transaction processed. The startup hopes to reduce its transaction fees to 0.2% through the introduction of Baki, its synthetic FX exchange on-chain protocol—its new system for exchanging different currencies digitally without real money involved.
Canza Finance, through its product suite, is at the forefront of innovation, pioneering technological developments within the web3 ecosystem in Africa and for Africans.
The startup vision is to set a new standing for financial services through leverage web3.0, DeFi, crypto assets, and local infrastructures across emerging economies
