Noah Secures $22 Million for Global Stablecoin Payment Network

Noah, a stablecoin infrastructure platform, has successfully secured $22 million in seed funding. This funding round was led by LocalGlobe, a venture capital firm based in London. The round also saw participation from Felix Capital and FJ Labs, along with notable angel investors such as Joe Lonsdale, co-founder of Palantir, David Helgason, former CEO of Unity, and Alexander Matthey, former CTO of Adyen.

Noah intends to utilize this capital to develop its global stablecoin payment network. This network is designed to be a regulated fintech service that acts as a bridge between fiat currencies and stablecoins, accessible via web and mobile applications. The platform aims to facilitate real-time money transfers across 70 countries and support conversions between 50 different currencies.

In related news, it has been confirmed that Thijn Lamers, another former executive from Adyen, has joined Noah as co-founder and president. This development was previously unreported. Shah Ramezani, the CEO and co-founder of Noah, who previously worked as an analyst at UBS, declined to reveal the startup's valuation but acknowledged that Lamers' extensive experience added significant value to the company.

Noah has already processed over $1 billion in transaction volumes, demonstrating its capability in the stablecoin infrastructure field. The company faces competition from various players, including Stripe's recent acquisition of Bridge for $1.1 billion to enhance its stablecoin-powered money management system. Other competitors include crypto-native startups like Bleap, Plasma, and Atticus, as well as major payment companies such as Visa and Mastercard, which are also developing their stablecoin strategies. Additionally, tech giants like Uber, Apple, X, Airbnb, and Google are exploring the potential of stablecoin technology following the successful IPO of USDC issuer Circle.

Lamers and Ramezani highlighted that their competitive advantage lies in the extensive network of relationships they have cultivated. This network includes connections with big tech executives, regulators, and banking partners. Ramezani emphasized the company's mission, stating, "We're really building 'Noah's ark' to save everyone from the mass currency inflation."