Blockchain startup Parfin has secured $10 million in its Series A round, aiming to drive global expansion and bridge traditional finance with blockchain.

Parfin, a blockchain infrastructure firm that started within Mastercard, has successfully closed the first tranche of its Series A funding, raising $10 million. According to a press release, the round was led by ParaFi Capital and included contributions from Framework Ventures, L4 Venture Builder, and Núclea. The total funding is projected to reach $16 million by the end of the second closing.

The proceeds from this funding round are expected to help Parfin further develop its enterprise-grade blockchain platform, Rayls, increase its workforce, and accelerate its global expansion efforts throughout 2024. Co-founder Marcos Viriato emphasized the strategic impact of the funding, stating that it will enable the firm to assist more banks and financial institutions in realizing new sources of revenue 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 (DeFi) and traditional finance (TradFi). The company offers financial institutions the regulatory compliance and privacy they need while capitalizing on blockchain technology.

In May, Parfin was selected for Mastercard’s Start Path program, which supports blockchain and digital asset startups with tailored training, collaboration opportunities, and access to Mastercard’s network and customers. To date, the company has raised a total of $38 million 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 now 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.

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