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Crypto neo-bank Shield announced on Monday that it has raised a $5 million seed round led by Giant Ventures.\u00a0<\/p>\n
The company launched in 2022 and pivoted to payments in 2024. It allows exporters and importers to conduct cross-border transactions in US cryptocurrencies, while also providing compliance screenings, such as addressing sanctions and money laundering threats.\u00a0<\/p>\n
Emmanuel Udotong, co-founder and CEO, said he and his team started Shield because they were \u201cdisappointed by the lack of completing mainstream use cases for crypto.\u201d Meanwhile, \u201cbad actors\u201d kept filling the space \u2014 and the headlines.\u00a0<\/p>\n
\u201cWe wanted to help bring blockchain technology into the real economy by solving real problems,\u201d Udotong told TechCrunch. So, he teamed up with his brother Isaiah and his college best friend, Luis Carchi, and to address how stablecoins could be used in international payments, as that was a pain point the trio faced when they last tried to build a trade business.\u00a0<\/p>\n
\u201cToday, trade businesses in regions like Latin America, Africa, and parts of Asia often wait days or weeks for international wires, pay high fees, and in many cases, can\u2019t access US dollars at all,\u201d Udotong continued. \u201cMany companies face limited trade corridors, less buyer opportunities, stunted growth, and, in too many cases, failure.\u201d\u00a0<\/p>\n
That\u2019s where Shield comes in, which Udotong said hopes to let international businesses amplify their reach \u2014 and profit \u2014 by expanding access to customers in different markets. It said it\u2019s registered as a Money Service Business in the US and registered as a crypto exchange in the EU.\u00a0<\/p>\n
Crypto has had a roaring comeback this past year, minting new unicorns and nabbing hundreds of millions of dollars, after a reputationally hard past few years. Shield said since its launch, it has processed more than $100 million in payments, $40 million of which came just from the last month. But Shield is entering a crowded field of competitors of dozens of startups, and big names like PayPal\u2019s Xoom, and Stripe\u2019s Bridge.<\/p>\n
Techcrunch event<\/p>\n
\n\t\t\t\t\t\t\t\t\tSan Francisco<\/span> Shield met its lead investors, Giant Ventures, through a fellow founder. Others in the round include Chris Dixon\u2019s a16z\u2019s crypto startup accelerator, Factor Capital, alongside Coinbase and Bank of America as strategic angel investors. It has raised $7 million to date, the company said.\u00a0<\/p>\n The fresh capital will be used to secure more banking partnerships, as the company already has two main banking partners, though it declined to disclose exact names. It will also look to continue building out its compliance product.\u00a0<\/p>\n \u201cThat includes expanding licensing coverage, upgrading transaction monitoring and fraud detection, and growing our compliance team headcount and expertise,\u201d Udotong said.\u00a0<\/p>\n Overall, Udotong hopes the company will help give businesses more of a fair chance while competing on a global scale.\u00a0<\/p>\n \u201cIf we succeed, more businesses in underserved regions will survive and grow, creating jobs and wealth for their communities instead of being left behind,\u201d he said.<\/p>\n<\/div>\n
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\n\t\t\t\t\t\t\t\t\t\t\t\t\tOctober 27-29, 2025<\/span>\n\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n