Celo, a US-based blockchain payment platform provider backed by cryptocurrency trading platform operator Coinbase, has raised $20m from investors including Andreessen Horowitz, Greenfield One and Electric Capital.
The company has developed a decentralised payments platform based on blockchain technology and accessible through a mobile app. Celo said it has processed more than 2 million transactions to date.
The company has also developed its own cryptocurrency and a stablecoin pegged to the US dollar.
Alongside the funding round, Celo has announced the launch of a mobile remittance and peer-to-peer payments app called Valora.
Rene Reinsberg, co-founder of Celo, said: “We now have the technology to create a better financial system – a rich ecology of digital assets and products that allow individuals and organisations to more seamlessly transact and manage risk.
“It has been great to work alongside hundreds of like-minded, mission-driven organisations and entrepreneurs all over the world to bring this technology to life.”
Celo has raised more than $65m altogether since it was founded in 2017.
Andreessen Horowitz’ cryptocurrency-focused venture fund, A16z Crypto, and Polychain Capital co-led a $30m funding round for Celo in April 2019.
The company received $6.5m in its first round in 2018, backed by Coinbase’s corporate venturing unit Coinbase Ventures.
The round further included Andreessen Horowitz, Autonomous Partners, General Catalyst, Polychain Capital, Social Capital, Lakestar and individual investors Reid Hoffman, Jack Dorsey, Naval Ravikant, Linda Xie and Arianna Simpson.
Celo has identified Dragonfly Capital, Version One Ventures, SV Angel and Valor Capital as backers, but further details could not be ascertained.