Cross-border payments startup Keeta has launched with $17 million in funding from investors, including former Google CEO Eric Schmidt.
Powered by proprietary ledger technology capable of processing over 50 million transactions per second, Keeta’s platform aims to significantly reduce the time and fees typically associated with international money transfers. While current cross-border payments can incur costs exceeding five percent of the amount transferred and take nearly a week to process, Keeta claims its technology can execute these payments instantly and at a fraction of the cost.
Fintechs and financial institutions can access the platform through APIs or custom integrations, and the company is also introducing a consumer-facing app. Initially, the service is available in the US, Canada, Mexico, Brazil, the United Kingdom, and the European Union.
Ty Schenk, CEO of Keeta, states, “We want to make international payments as easy as Venmo. Keeta connects places like São Paulo and New York with more convenient, safe, and secure payments while adhering to the highest regulatory standards.” Schmidt adds, “Keeta’s technology is orders of magnitude more scalable and efficient than existing solutions.”