Brief: Toronto Fintech Startup nanoPay Secures $10M During Series A Funding Round

nanoPay, an early-stage fintech company based in Toronto that provides a secure, real-time payments platform, announced on Wednesday it has secured $10 million during a Series A funding round. Participants in the round reportedly included The Merchant Banking Division of Goldman Sachs, APAGM Services LLC (Andrew Prozes), Jarnac Capital Management Inc. and Rohatton Inc.

Canada MoneyThe financing round comes nearly one year after nanoPay acquired MintChip platform from The Royal Canadian Mint. The open API platform reportedly provides a solution to securely store and transfer any form of digital value between users instantly, without the need for intermediaries. All transactions are final, irrevocable, and settled in real-time.

In regards to what the funds from the funding round will be used for, Laurence Cooke, CEO and founder of nanoPay, added:

“This additional funding is a huge vote of confidence in nanoPay and its ability to prove our global potential. After successfully deploying MintChip as a digital cash platform in Canada in June 2016, our focus is now on expanding the platform beyond digital cash to a broad range of B2B use cases that have global applications, for example, business-to-consumer disbursements and cross-border payments.”

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