Users will be able to convert between 50 currencies and transfer money between 70 countries.
Noah has announced a $22 million seed round led by LocalGlobe with participation from Felix Capital and FJ Labs. Palantir co-founder Joe Lonsdale, former Unity CEO David Helgason, and former Adyen CTO Alexander Matthey joined as angel investors.
Thijn Lamers, a former executive at fintech giant Adyen, has also joined Noah as co-founder and president.
The company plans to use the fresh capital to build its global stablecoin payment network, enabling it to support conversions for over 50 currencies and transfers in over 70 countries.
The announcement comes amid the rising interest in stablecoin projects, with Plasma, the EVM-compatible sidechain built on bitcoin recently securing over $500 in an initial coin offering on Sonar.
Co-founded by Lammers and Shah Ramezani, Noah is among a growing number of crypto startups looking to advance global payments using stablecoins. The two founders believe building a network is the key to payments. “I would say the most important thing in payments, and that’s why a dropout from MIT [finds it] hard to compete, is the network,” Ramezani said.
Ramezani describes the startup’s name, Noah, as symbolic of the company’s goal to “save everyone from the mass currency inflation.”
Noah enables users to convert currencies and transfer money in real-time, significantly reducing the time compared to using bank wires. According to Ramezani, the company has processed more than $1 billion in transaction volumes.
Ramezani described his co-founder Lammers as “really a beast.” “This guy has so much energy, I’m, like, actually blown away,” he said.
