Cross-border payment network Obita has concluded its angel financing round, securing more than $10m.
The funding will be used for the enhancement of its blockchain-based payment technology, Obita Mesh, which utilises stablecoins to power cross-border transactions.
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The investment will also support research and development, compliance infrastructure, and the company’s expansion into new global markets.
Vision Plus Capital and Mirana Ventures jointly led the latest financing round.
In addition, contributions came from Legend Capital, HashKey Capital, Web3.com Ventures, along with other entities and private investors.
This financial backing is expected to expedite the deployment of Obita’s payment network, which aims to offer real-time settlement and adhere to regulatory standards.
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By GlobalDataObita’s payment framework seeks to resolve prevalent challenges in the sector, including high costs associated with foreign exchange, protracted settlement times, and inadequate transparency in fund movements.
The company’s integrated approach combines compliance, clearing networks, and treasury management to revolutionise how capital is transferred in international trade, e-commerce, and supply chain operations.
Its initial emphasis is on “high-growth” geographies in Southeast Asia, Central Asia, Latin America, as well as Africa.
Dayong ZHANG, co-founder and CEO of Obita, is a fintech, global payments, and digital-asset expert.
Formerly CCO of HashKey Group, CEO of HashKey Onchain BG, and executive director at RD Technologies, he developed fiat products for HashKey’s trading platform.
As Ant Group’s regional head for South and Southeast Asia, he created unicorn digital wallet products and expanded Ant’s global payment network.
ZHANG said: ”Cross-border payments are at a tipping point driven by stablecoin innovation.
“We aim to integrate blockchain technology’s revolutionary potential into real-world global capital flows through our enterprise-grade, end-to-end, compliant, secure, and high-quality integrated services.”
Vincent Yang is the co-founder and CBO of Obita with entrepreneurial background.
His prior ventures include founding abComo and anyStarr, as well as co-founding Longbridge Securities.
Yang has also played a pivotal role in expanding AliExpress and Ant Financial’s cross-border payment and digital finance initiatives in various parts of the world.
