- Canza Finance secures $2.3 million in strategic funding, led by Polychain Capital.
- The Nigerian crypto startup plans to obtain licenses from African financial regulators.
- Funding to be used for acquiring licenses, including foreign exchange and virtual asset licenses.
- Canza Finance aims to build infrastructure for its decentralized finance (defi) platform Baki.
- The startup aspires to lower the cost of doing business and make financial services accessible to small businesses.
Nigerian crypto startup, Canza Finance, announced a successful strategic funding round, securing $2.3 million to fuel its expansion plans. Led by Polychain Capital, the funding round saw participation from Protocol Labs, Ava Labs, 99 Capital, and venture capital firm Stratified Capital.
Licensing and Infrastructure Development
Canza Finance revealed plans to utilize the funds to obtain licenses from various African financial regulators. In Nigeria, the startup aims to secure a foreign exchange license and three virtual asset licenses from Mauritius’ Financial Service Commission. Additionally, Canza Finance is pursuing a money services business license from U.S. regulators.
The strategic funding will also contribute to the development of the infrastructure for Canza Finance’s decentralized finance (defi) platform, Baki. The startup envisions using these licenses and the defi platform to achieve its overarching goal of reducing the cost of conducting business in the African continent.
Empowering Small Businesses
Pascal Ntsama, co-founder and CEO of Canza Finance, expressed the startup’s mission to simplify access to financial services for small businesses. The funding round, according to Canza Finance, will empower them to innovate and create tools dedicated to easing the financial burdens of businesses across Africa.