Blockchain startup Parfin raises $10m in Series A round

Blockchain startup Parfin has raised $10 million in a Series A funding round that aims to accelerate global expansion and merge traditional finance with blockchain.

Mastercard-backed blockchain infrastructure firm Parfin has successfully closed the first tranche of its Series A round, raising $10 million.

In a press release shared with Crypto.news, the startup explained 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.

Proceeds from the financing are expected to help Parfin further develop its enterprise-grade blockchain platform Rayls, increase its workforce, and accelerate its global expansion efforts through 2024. Parfin co-founder Marcos Viriato highlighted the strategic impact of the financing, stating that the firm will “help more banks and financial institutions unlock new sources of revenue and remain relevant by leveraging the efficiency, security, and transparency of digital assets.”

Synchronizing defi with tradfi in Latin America

Founded in 2019 by Marcos Viriato, Alex Buelau, and Cristian Bohn, Parfin aims to bridge the gap between decentralized finance and traditional finance, leveraging blockchain technology while offering financial institutions the regulatory compliance and privacy they need.

In May, Parfin was selected for Mastercard’s Start Path program, which supports blockchain and digital asset startups with dedicated training, collaboration opportunities, and access to Mastercard’s network and customers. The company has raised $38 million to date and serves clients including Banco BV, Núclea, and B3 Digitas, the digital asset services subsidiary of the Brazilian Stock Exchange.

Additionally, Parfin’s Rayls platform is currently part of a pilot program with Brazil’s central bank testing Ethereum’s virtual machine privacy and scalability solutions for central bank digital currency initiatives.