US-based cross-border payment platform developer Wyre has secured $5.8m in series A funding from investors including payment services firm China 9fBank and Baofoo.com.
Venture capital firm Amphora Capital led the round, which was also backed by Digital Currency Group, Draper Associates and unnamed “prominent Silicon Valley angel investors”.
Wyre uses blockchain technology to make cross-border financial transfers quicker and more affordable for large payment companies. It is active in the US and China, and the funding will support an expansion into Europe and Latin America in 2017.
Sam Lin, 9fBank’s chief financial officer, said: “It is estimated that the demand for cross-border payment from Chinese companies and investors could reach $1.5 trillion within the next five years. Wyre is well positioned as a market leader to facilitate those transactions faster and at a lower cost.
“We believe Wyre’s cross-border technology will revolutionize global payment and remittance and have since made a sizeable investment into the company.”