Riva Money, a London-based blockchain payments firm, has secured US$3 million in a pre-seed funding round led by Project A, with participation from individual investors from Monzo, JP Morgan, and Revolut.
The company was founded by former Revolut and Wise executives Niklas Hoejman and Mahendra Katoch, who have also worked at Goldman Sachs and Citigroup.
Drawing on their experiences with global payment services, they aim to reduce the time and cost of cross-border transactions.
According to Riva, current transfers can take up to five days and often pass through multiple banks.
The firm seeks to improve processing times and offer more competitive exchange rates than incumbent providers.
Riva uses blockchain technology and stablecoins to facilitate transfers, routing payments through the most efficient channels available.
As part of its regulatory expansion, the company is seeking authorisation as a payment institution in the UK and EU, as well as MiCA and VASP licences in the EU and Switzerland.
“Our goal is limitless global money movement, instantly and at a fraction of the cost,”
said CEO Hoejman.
“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.”
Featured image credit: Riva Money
