Shield Raises $5M to Facilitate International Crypto Transactions

Shield, a crypto neo-bank, has raised $5M in a seed round led by Giant Ventures. The company allows exporters and importers to conduct cross-border transactions in US cryptocurrencies while providing compliance screenings. Shield has processed over $100M in payments since its launch and aims to expand international businesses' reach and profit.

Crypto neo-bank Shield has raised $5 million in a seed round led by Giant Ventures. The company, which was launched in 2022 and pivoted to payments in 2024, allows exporters and importers to conduct cross-border transactions using US cryptocurrencies. It also provides compliance screenings to address sanctions and money laundering threats.

Shield's co-founder and CEO, Emmanuel Udotong, explained that the company aims to solve real problems faced by international businesses. He noted that many businesses in regions like Latin America, Africa, and parts of Asia often wait days or weeks for international wires, pay high fees, and cannot access US dollars. Shield hopes to expand businesses' reach and profit by facilitating international transactions using cryptocurrencies.

Since its launch, Shield has processed over $100 million in payments, with $40 million coming in just the last month. The company has secured strategic partnerships and is registered as a Money Service Business in the US and a crypto exchange in the EU. Shield has also raised $7 million to date, with additional investors including Chris Dixon’s a16z’s crypto startup accelerator, Factor Capital, Coinbase, and Bank of America.

The fresh capital will be used to secure more banking partnerships and to continue building out its compliance product. Udotong expressed his hope that Shield will help more businesses in underserved regions survive and grow, creating jobs and wealth for their communities.