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Source: Fortune.com
Summary
Levl, a startup, raised $7 million in a seed round to build a platform that enables digital wallets and fintechs to send money globally using stablecoins. The platform abstracts away the complexity of traditional payments systems and digitals assets, allowing clients to use stablecoins without building infrastructure in-house. Levl has more than 20 clients, including TerraPay and Taptap Send, and has an annualized transaction volume of over $1 billion.
Our Reading
The announcement sounds familiar.
Levl is building a platform that enables seamless global money transfers using stablecoins, filling the gap between digital wallets and traditional payments systems. The startup raised $7 million in a seed round and has more than 20 clients. With an annualized transaction volume of over $1 billion, Levl plans to double its headcount and expand services in Latin America and Africa. The company’s infrastructure platform abstracts away complexity, allowing clients to use stablecoins without building internal plumbing.
Levl views its competition as large banks, where remittances and business-to-business payments have traditionally taken place. The startup claims that its platform can move money instantly and at lower rates than these legacy systems.
Levl’s founder, Jaisel Sandhu, has a background in traditional finance, working at AQR, one of the world’s largest hedge funds, before starting Levl. He noticed that exchange rates were different between traditional finance and consumer apps, which inspired him to create Levl.
The platform launched in August and generates revenue through transaction fees. With the new capital, Levl will expand its services in Latin America and Africa, aiming to level the playing field for remittances for consumers and businesses.
Original observation: “This is another fintech solving a problem that traditional finance can’t or won’t.”
