Crypto neo-bank Shield raised a $5 million seed round led by Giant Ventures. Launched in 2022, the company pivoted to payments in 2024, enabling cross-border transactions in U.S. cryptocurrencies. Co-founder Emmanuel Udotong aims to bring blockchain tech into the real economy, addressing issues faced by trade businesses in regions like Latin America, Africa, and Asia.

Shield has processed over $100 million in payments since its launch, with $40 million in the last month alone. The company aims to expand access to customers in different markets, registered as a money service business in the U.S. and a crypto exchange in the EU. Despite competition, Shield has raised $7 million to date.

Lead investors include Giant Ventures, a16z’s crypto startup accelerator, Factor Capital, Coinbase, and Bank of America. The capital will be used to secure more banking partnerships, enhance compliance products, and expand licensing coverage. Shield plans to upgrade transaction monitoring, fraud detection, and compliance team expertise to continue its growth in the industry.

Read more at Yahoo Finance: a16z crypto-backed Shield raises $5M to help facilitate international business transactions in crypto