Num Finance raises USD 1.5 million in pre-seed funding round
Num Finance, the premier issuer of local stablecoins in Latin America, announced today that it has raised $1.5 million USD following the close of its pre-seed funding round led by Reserve. Investors in the round also included H20 Scouter Fund, VC3, Ripio Ventures and Matias Woloski, CTO of Auth0.
Through its suite of financial products and stablecoins, collectively known as the ‘Num Network’, Num Finance offers businesses a fast and efficient way to expand their business in emerging markets via returns, loans and digital assets facilitated by local ramps and tokens. Initially, Num Finance will use the funding to expand its service offering to Colombia and Brazil, as well as investigate other emerging markets in Latin America, North Africa and Asia. In addition, Num Finance will increase its focus on developing its real asset offering, starting with the tokenization of money market instruments.
Agustín Liserra, CEO of Num Finance, said: “We are excited about the opportunities that this early investment round presents. Considering the prevailing challenging capital raising environment, the unwavering confidence that investors have shown in our long-term project is evident. The realization of our vision lies in the potential to tokenize real-world assets and making them universally accessible through public networks. This allows us to deliver first-class financial technology to regions where traditional finance is still rooted in the past.”
Num Finance was founded in 2021 by experts in the DeFi space. In its first year, it launched its first tokens, nARS – a digital asset linked to the Argentine peso – and nPEN – a stablecoin linked to the Peruvian sol – which grew to a total circulation worth US$2.5 million. Leveraging capital from this funding round, Num Finance will launch new stablecoin tokens for Brazilian Real (nBRL), Colombian Peso (nCOP), Mexican Peso (nMXN) and Bahraini Dinar (nBHD) – marking its expansion into the Middle East – all during next month. Through cryptocurrency financing tools such as collateralized loans backed by local stablecoins, users across these emerging markets can quickly and easily access loans, bypassing the inefficiencies and bureaucracy inherent in traditional financial systems.
Beyond capital accumulation, Num Finance will also benefit from the support of investors and advisors who will help drive the next phase. Specifically, Ariel Arrieta, Managing Partner of NXTP Ventures, and Gastón Irigoyen, founder of the Argentinian startup Pomelo, which specializes in fintech solutions, will help the Num team execute its global strategy.
Nevin Freeman, co-founder of Reserve, a platform that builds financial tools to solve problems like inflation through its stablecoin, $RSV, said: “We are excited to support a project that fulfills real needs in a region heavily affected by money problems. Num Finance has enormous potential and is in line with our vision to provide individuals and businesses with better financial tools for saving, investing and payments in emerging markets.”