Crypto Neo-Bank Shield announced on Monday it has raised a $5 million seed round led by Giant Ventures.
The company started in 2022 and charged payments in 2024. This allows exporters and importers to conduct cross-border transactions with US cryptocurrencies, while also providing compliance screenings such as addressing sanctions and money laundering threats.
Co-founder and CEO Emmanuel Woodton said he and his team “started the Shield because they were disappointed that they hadn’t completed a mainstream use case in crypto. Meanwhile, “bad actors” continued to fill in space and headlines.
“We wanted to help bring blockchain technology into the real economy by solving real problems,” Udotong told defy. There, he worked with his younger brother Isaiah and his university best friend Lewis Kulch to explain how stubcoin can be used with international payments.
“Today, trade operations in regions such as Latin America, Africa and parts of Asia often wait days or weeks for international flights, pay high fees, and often have no access to the US dollar at all,” Udotong continued. “Many companies face limited trade corridors, reduced buyer opportunities, stunting, and far too many times, failure.”
That’s where Shield comes in, and Udotong said it hopes to amplify reach and profits for international companies by increasing access to customers in various markets. It said it is registered as a money service business in the US and as a crypto exchange in the EU.
Crypto has revived with a roaring reputation over the past year, casting new unicorns, grabbing hundreds of millions of dollars, and roaring. Shield said it has processed more than $100 million in payments since its launch, of which $40 million came from last month. However, Shield has been in the crowded field of dozens of startup competitors, as well as big names such as PayPal’s Xoom and Stripe’s Bridge.
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Shield met its major investors, a huge venture, through fellow founders. Others in the round include Chris Dixon’s A16Z’s Crypto Startup Accelerator, Factor Capital, Coinbase and Bank of America as strategic angel investors. The company said it has raised $7 million so far.
Fresh capital is used to secure more bank partnerships. This is because they have already had two major bank partners, although they refuse to disclose their exact names. We will also continue to build compliance products.
“This includes increasing license coverage, upgrading transaction monitoring and fraud detection, and expanding compliance team personnel and expertise,” Udotong said.
Overall, Udotong hopes that it will help the company give its companies a substantial opportunity while competing on a global scale.
“If successful, more businesses in underserved areas will survive, grow and be left behind, instead of being left behind,” he said.
