Raises $20 Million Seed Round to Build Global Stablecoin Payment Rails

, a New York-based payments startup, emerged from stealth on Tuesday with a $20 million seed round aimed at solving what its founders call the last-mile problem of stablecoin payments: converting digital dollars into money that can actually reach local bank accounts and digital wallets around the world.

The round, which closed in August, was led by Expa and Uber cofounder Garrett Camp. Coinbase Ventures, Tenet Fund, the founders of Figure, Mesh founder Bam Azizi, Second Sight Ventures, and sovereign and royal family offices in the Gulf and Africa also participated. The company declined to disclose its valuation.

sells white-label payment infrastructure to businesses including financial services firms, consumer platforms and prediction markets. Its tools allow prediction market users to fund wallets from exchanges such as Binance and, while helping platforms move corporate funds across borders. The company declined to name specific clients but said they collectively serve more than 800 million users.

Cofounders Nabeel Alamgir and Mustafa Dar, both immigrant technology entrepreneurs, frame the mission around a simple analogy. «We believe that money movement is like a plane taking off from one airport, but it has to land somewhere else,» Alamgir said. «We want to solve the last mile delivery problem.» That idea inspired the company name, an abbreviation for «finishing the job.» Both founders have the company's name tattooed on their bodies.

The startup enters a crowded field. Since Congress passed the Genius Act in July 2025, establishing a federal framework for dollar-pegged stablecoins in the United States, stablecoin activity has expanded globally. The sector's combined market capitalization surpassed $305 billion in September, up more than 77 percent from a year earlier, according to DeFiLlama data. Payments companies including Circle and BVNK, along with Bridge, the stablecoin infrastructure provider owned by Stripe, are competing for the same territory.

Alamgir and Dar acknowledged the competition but said their personal experience shapes 's focus on specific regions. They have identified South Asia, Africa and the Middle East as key markets. In addition to its New York headquarters, has offices in Las Vegas, Dubai, Dhaka, Bangalore and Lahore.

Both founders experienced the challenges of sending money abroad firsthand. Alamgir was born in Bangladesh and grew up in Kuwait before moving to New York as a teenager. Dar was born in Pakistan and lived in Saudi Arabia before moving to Los Angeles at age five. Growing up, both watched their parents struggle to send money to family overseas.

In 2023, Dar stepped away from 24/7 Jet, the private jet company he founded in 2012, to join Expa as an investor and explore opportunities in global finance and fintech. Around the same time, Alamgir had left Lunchbox, the enterprise restaurant-technology company he founded years earlier. Alamgir wanted to apply his operational experience with payments to a broader challenge: gaps in financial infrastructure for underbanked people around the world.

In late 2025, he flew from New York to Los Angeles to pitch Dar on the idea for. The two quickly found common ground, and Dar soon transitioned from potential investor to cofounder. His colleague Vitor Lourenço, founding partner at Expa, took his place as one of the seed round's co-investors. For Lourenço, the fit was natural. «All of the Expa partners are immigrants,» he said. «We grew up in different countries, so the opportunity of cross-border payments was very clear for us.»

Author

Caroline Mercer

World News Correspondent

Caroline Mercer covers public affairs, politics, business, culture and daily news for Core Memo. The role focuses on verification, context, and clear explanations for readers.

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