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The company will use the new funding to roll out this solution in Europe, Asia and North America, expand its operations and add to its engineering team, according to a Tuesday (Aug. 12) press release emailed to PYMNTS.
Riva was established earlier this year and is now inviting companies to join its waitlist, according to a banner on its website.
Riva uses a combination of traditional and blockchain-based payment routing to optimize each payment’s speed and cost, according to the press release.
With this solution, the company aims to modernize B2B payments by addressing the often-unfavorable exchange rates and slow settlement times associated with cross-border transfers that are routed through banks and financial institutions, the release said.
Riva powers international payments with blockchain technology, including stablecoins, or with traditional fiat-to-fiat rails, depending on what is the best option for the client’s money transfers, based on their location and other circumstances, per the release.
The company is working to obtain authorization as a payment institution across the United Kingdom and the European Union, a Markets in Crypto-Assets (MiCA) license in the EU and a virtual asset service provider (VASP) license in Switzerland, according to the release.
“By combining blockchain technology with a robust regulatory framework, we’re building a solution that offers businesses the speed, transparency and cost-efficiency they need to thrive in today’s interconnected economy,” Riva Money co-founder and CEO Niklas Hoejman said in the release.
Malin Posern, partner and managing director at Project A, which led the funding round, said in the release that the time is right for an “infrastructure rethink” because stablecoin adoption is accelerating and regulatory frameworks are maturing.
“Riva’s dual-rail system for businesses elegantly solves for both speed and flexibility in a market that’s still reliant on legacy processes,” Posern said.
