Cenoa, the borderless super wallet improving access to dollar-based products in emerging markets, announces it has raised $7 million in Seed funding.
The round was led by San Francisco-based venture capital firm Quiet Capital, and Underscore VC. Further investors include Human Capital, Ulu Ventures, Acrew Capital, and Collective Spark – who have all invested in successful well-known global neobank and fintech unicorns such as Chime, Coinbase, Brex and SoFi.
Cenoa offers a borderless and non-bureaucratic way to access a digital dollar product without any fees and earn an inflation-resistant yield. Providing customers in emerging economies lacking stable currencies like Argentina and Nigeria easy and affordable access to US Dollars and beating inflation while saving – a function the traditional financial system has failed to provide.
Cenoa is currently available across 35 markets. While still in its beta-testing phase with 1,000 private users, the company is already fully integrated with BiLira and Transak, which connect Cenoa with the local banking systems.
The firm says the new capital will be used to hire talent across different business functions and grow Cenoa’s operations to expand both beyond its core product and into new markets in Latin America, Africa, Southeast Asia, and Europe.
Cenoa also aims to add US Dollar-based debit cards and instant money transfers within the next 18 months and bring seamless local currency-to-dollar conversion to users.