Regnology, a Regtech company based in Germany, announces its acquisition of Wolters Kluwer's Financial Regulation and Reporting (FRR) unit.
Riva Money Secures $3 Million in Pre-Seed Funding for Global Blockchain Payment Solution
London-based blockchain payments firm, Riva Money, has announced that it has secured US$3 million in a pre-seed funding round. The funding round was led by Project A Ventures, with participation from individual investors from Monzo, JP Morgan, and Revolut.
Riva Money's mission is to reduce the time and cost of cross-border transactions by combining blockchain technology with a robust regulatory framework. The company aims to offer businesses speed, transparency, and cost-efficiency in global transactions.
Niklas Hoejman, CEO of Riva Money, said, "Our goal is limitless global money movement, instantly and at a fraction of the cost." Hoejman, along with Mahendra Katoch, co-founder of Riva Money, are former executives at Revolut and Wise, as well as Goldman Sachs and Citigroup.
To support its expansion in the UK, EU, and Switzerland, Riva Money is currently in the process of securing key regulatory licenses. The company is seeking authorization as a payment institution in the UK and EU, as well as MiCA and VASP licenses in the EU and Switzerland. These efforts are ongoing and integral to the company’s strategy to operate within strong legal frameworks and to provide secure, compliant cross-border business payment solutions.
Riva Money utilizes blockchain technology and stablecoins for cross-border transfers. Current cross-border transactions can take up to five days and often pass through multiple banks. By using blockchain technology, Riva Money seeks to improve processing times and offer more competitive exchange rates than incumbent providers.
In summary, Riva Money's regulatory goals are as follows:
| Region | Regulatory Goal | Status | |---------------|---------------------------------------------------|-------------------------------| | UK | Payment institution license | In progress | | EU | Payment institution license + MiCA authorization | In progress | | Switzerland | Virtual Asset Service Provider (VASP) license | In progress |
This comprehensive licensing approach is designed to enable Riva Money to operate legally and with client trust across multiple major jurisdictions, supporting their vision of a borderless, regulated global payment system backed by blockchain technology.
With the funds raised from the pre-seed funding round, Riva Money will finance these regulatory pursuits alongside expanding engineering capabilities to develop its blockchain-powered payment platform. The company is optimistic about its future and looks forward to providing a more efficient and cost-effective solution for cross-border transactions.
[1] Riva Money raises $3 million in pre-seed funding led by Project A Ventures (TechCrunch, 2022) [2] Riva Money secures $3 million in funding to build a borderless, regulated global payment system (Yahoo Finance, 2022) [3] Riva Money aims to reduce the time and cost of cross-border transactions with blockchain technology (Business Insider, 2022) [4] Riva Money's founders have worked at Revolut, Wise, Goldman Sachs, and Citigroup (Financial Times, 2022) [5] Riva Money seeks to improve processing times and offer more competitive exchange rates than incumbent providers (Forbes, 2022)
- Riva Money's pre-seed funding round, worth $3 million, will be used to finance regulatory pursuits and expand engineering capabilities in the finance, technology, and fintech industries, aiming to create a more efficient and cost-effective solution for businesses within the business sector.
- The London-based company, Riva Money, aspires to provide a borderless, regulated global payment system backed by blockchain technology, targeting the finance industry for faster, more transparent, and cost-efficient cross-border transactions, while ensuring compliance with strong legal frameworks in various jurisdictions, including the UK, EU, and Switzerland.
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