Blockchain firm Riva Money is reporting a $3 million Pre-Seed funding round led by Project A, alongside participation from individual investors from Monzo, JP Morgan, and Revolut.
Riva was founded by former Revolut and Wise executives as they seek to “bypass banks”and enable global value transfers that are faster and cheaper than current providers. Riva states that current cross-border payments can still take up to 5 days to reach the designated party and are frequently routed through a range of banks. Riva wants to improve upon existing services while providing more favourable exchange rates typically offered by incumbents.
Founded by Niklas Hoejman and Mahendra Katoch, who worked at Revolut and Wise, as well as Goldman Sachs and Citigroup, they share their past experience as users of global payment services, which compelled them to found their company.
Riva utilizes blockchain and stablecoins to facilitate value transfer. The company explains that depending on the most efficient route, Riva will route transfers for customers via the best option.
As a first step in its global regulatory expansion, Riva is reports that it is in the process of obtaining authorisation as a payment institution across the UK and the EU, as well as MICA and VASP licences in the EU and Switzerland.
CEO Hoejman says their goal is “limitless global money movement, instantly and at a fraction of the cost.”
“By combining blockchain technology with a robust regulatory framework, we’re building a solution that offers businesses the speed, transparency and cost-efficiency they need to thrive in today’s interconnected economy.”
Malin Posern, Partner and Managing Director at Project A, says the time is right for an infrastructure rethink.
“Riva’s dual-rail system for businesses elegantly solves for both speed and flexibility in a market that’s still reliant on legacy processes. Niklas and Mahendra’s deep expertise in payments and financial markets positions Riva perfectly to build the next generation of payment services.”