- Parfin Raises $10 Million
- Further Development and Expansion
- Synchronizing DeFi and TradFi in Latin America
Mastercard-incubated blockchain startup Parfin has successfully raised $10 million in the first tranche of its Series A round to support global expansion and integrate traditional finance with blockchain.
Parfin Raises $10 Million
Founded in 2019, Parfin secured $10 million in the first tranche of its Series A round, led by ParaFi Capital and with contributions from Framework Ventures, L4 Venture Builder, and Núclea.
Further Development and Expansion
The funds will be used to further develop the enterprise-grade blockchain platform Rayls, increase the workforce, and accelerate the company's global expansion throughout 2024. Co-founder Marcos Viriato highlighted that the funding will enable the firm to offer banks and financial institutions new revenue sources by leveraging the efficiency, security, and transparency of digital assets.
Synchronizing DeFi and TradFi in Latin America
Parfin aims to bridge decentralized finance and traditional finance, providing financial institutions with regulatory compliance and privacy. In May, the company was selected for Mastercard’s Start Path program, which supports blockchain and digital asset startups with tailored training, collaboration opportunities, and access to Mastercard's network. Parfin is also part of a pilot program with Brazil's central bank, testing Ethereum’s virtual machine solutions for privacy and scalability in central bank digital currency initiatives.
The $10 million raised in the first tranche of Series A will help Parfin develop blockchain technologies and expand its global services, facilitating the integration of traditional finance with decentralized financial solutions.
