" class="no-js "lang="en-US"> Num Finance Raises $1.5 Million USD in Pre-Seed Funding Round - Fintech Finance
Wednesday, April 17, 2024

Num Finance Raises $1.5 Million USD in Pre-Seed Funding Round

Num Finance, the premier issuer of local stablecoins in Latin America, today announced it has raised $1.5 million USD following the closure of its pre-seed funding round led by Reserve. Investors in the round also included H20 Scouter Fund, VC3, Ripio Ventures, and Matias Woloski, the CTO of Auth0.

Through its suite of financial products and stablecoins, collectively known as the ‘Num Network’, Num Finance offers businesses a swift and efficient way to augment their operations in emerging markets via returns, loans, and digital assets facilitated by local ramps and tokens. Initially, Num Finance will leverage the funding to extend its service offering to Colombia and Brazil, as well as probing other emerging markets in Latin America, North Africa, and Asia. Additionally, Num Finance will increase its focus on developing its real-world asset offering, starting through the tokenization of money market financial instruments.

Agustín Liserra, CEO of Num Finance, said, “We’re thrilled by the possibilities enabled by this early investment round. Considering the prevailing challenging capital-raising environment, the unwavering confidence that investors have shown in our long-term project is evident. The realization of our vision lies in the potential of tokenizing real-world assets and making them universally accessible through public networks. This allows us to deliver top-notch financial technology to regions where traditional finance remains entrenched in the past.”

Num Finance was founded in 2021 by experts in the DeFi space. Within its first year, it launched its inaugural tokens, nARS – a digital asset pegged to the Argentine peso – and nPEN – a stablecoin linked to the Peruvian sol – which surged to a total circulation valued at $2.5 million USD. Leveraging capital from this funding round, Num Finance will launch new stablecoin tokens for the Brazilian Real (nBRL), Colombian Peso (nCOP), Mexican Peso (nMXN), and Dinar Bahrain (nBHD) – marking its expansion to the Middle East – all within the next month. Through cryptocurrency finance tools such as collateralized loans underpinned by local stablecoins, users across these emerging markets can swiftly and easily access loans, bypassing the inefficiencies and bureaucracy inherent in traditional financial systems.

Beyond capital accumulation, Num Finance will also benefit from the support of investors and advisors who will assist in propelling its next phase. Specifically, Ariel Arrieta, Managing Partner of NXTP Ventures, and Gastón Irigoyen, founder of Argentine startup Pomelo, specializing in fintech solutions, will aid the Num team in executing their global strategy.

Nevin Freeman, Co-founder of Reserve, a platform that builds financial tools to address issues like inflation through its stablecoin, $RSV, said, “We’re thrilled to back a project that meets real needs in a region heavily impacted by monetary issues. Num Finance boasts immense potential and aligns with our vision to provide individuals and businesses with better financial tools for savings, investments, and payments within emerging markets.”

 

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