TechFlow news — On July 31, according to Fortune, crypto payment API provider Layer2 Financial announced it has raised $10.7 million in Series A funding led by Galaxy Ventures, with participation from Accomplice and Sapphire Ventures. The company aims to "radically transform the way money moves globally" and challenge Swift's dominance in cross-border payments.
CEO Bhanu Kohli said the company’s long-term goal is to replace Swift within the next decade by establishing operations across multiple countries to enable blockchain-based international fund transfers. The platform offers compliant multi-currency payments, allowing customers to receive, send, and convert currencies via API, supporting various payment methods including ACH, Fedwire, Swift, and SEPA. Currently, Layer2 Financial holds regulatory licenses in approximately 34 U.S. states, as well as relevant licenses in Canada and Europe.
Mike Giampapa, partner at Galaxy Ventures, said Layer2’s infrastructure makes cross-border B2B payments faster, more transparent, and more cost-effective. Especially in the context of digital assets and stablecoins, Layer2’s platform possesses unique potential to disrupt the traditional payment ecosystem. The new funding will be used to accelerate product development, expand into new markets, and grow the team.
