Blockchain startup Parfin has secured $10 million in its Series A round, aiming to drive global expansion and bridge the gap between traditional finance and blockchain.
Parfin, a Mastercard-based blockchain infrastructure company, has successfully closed the first tranche of its Series A funding, raising $10 million.
In a press release shared with crypto.news, the startup revealed that the round, led by ParaFi Capital, also saw contributions from Framework Ventures, L4 Venture Builder, and Núclea, with total funding expected to reach $16 million by the end of the second close.
The proceeds from the financing are expected to help Parfin develop its enterprise-grade blockchain platform, Rayls, increase its workforce, and accelerate global expansion efforts throughout 2024. Marcus Viriato, co-founder of Parfin, highlighted the strategic impact of the financing, noting that it will allow the company to “help more banks and financial institutions unlock new revenue streams and stay relevant by leveraging the efficiency, security, and transparency of digital assets.”
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Founded in 2019 by Marcus Viriato, Alex Boelo, and Christian Boon, Parfin aims to bridge the gap between DeFi and traditional finance, by providing financial institutions with the regulatory compliance and privacy they need while leveraging blockchain technology.
In May, Parvin was selected for Mastercard’s Start Path program, which supports blockchain and digital asset startups with personalized training, collaboration opportunities, and access to Mastercard’s network and clients. To date, the company has raised a total of $38 million and serves clients including Banco BV, Núclea, and B3 Digitas, a digital asset services subsidiary of the Brazilian Stock Exchange.
Additionally, Parfin’s Rayls platform is now part of a pilot program with the Central Bank of Brazil, testing Ethereum’s virtual machine privacy and scalability solutions for central bank digital currency initiatives.