A former Adyen executive and an ex-UBS analyst have entered the burgeoning stablecoin infrastructure market, securing $22 million in seed funding for their startup, Noah.
LocalGlobe led the funding round, with contributions from Felix Capital, FJ Labs, and notable angels including Joe Lonsdale from Palantir and former Adyen CTO Alexander Matthey.
Noah’s technology aims to provide businesses and their customers with swift, cost-effective, and fully compliant global money transfers, positioning itself as a competitor to the outdated Swift system. The startup claims that through its API and checkout integrations, businesses can convert funds between fiat and stablecoins in real-time across a network of over 50 currencies and 70 countries.
In a crowded market, Noah differentiates itself by focusing exclusively on stablecoins, dedicating its resources to building the essential infrastructure needed for their scalability. The funding will support expansion into key fintech hubs across the US, Europe, and Asia, as well as essential licensing, and further development of its product and engineering teams.
Thijn Lamers, president of Noah and former EVP of global sales at Adyen, stated, “Having had a front-row seat to Adyen’s explosive global demand, I see an even more profound trajectory for stablecoins. Our cutting-edge technology, world-class team, and formidable backing from top-tier investors perfectly position Noah to capitalize on the immense potential of stablecoins and meet the practical needs of global businesses.”