US-based cross-border payments provider Higlobe has received an investment of $14m to support the development of its payment solution that uses stablecoins to transfer money worldwide.
Technology investment firm Battery Ventures led the fundraise, with its senior partner Scott Tobin getting a seat on Higlobe’s board as part of the deal.
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Higlobe’s subscription-based payments service is designed to serve freelancers and small businesses and is claimed to help save users an average of 1-6% in transaction commissions.
The service facilitates international payments between bank accounts.
In addition to developing its technology, Higlobe seeks to foray into new markets using the fresh infusion.
Higlobe CEO and co-founder Teymour H. Farman-Farmaian said: “Our mission is to move the world’s money instantly and at no cost to help the increasingly global workforce get more money back to their home bank account.
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By GlobalData“Our clients only pay a fixed, low-cost subscription for a US receiving bank account regardless of the number of transfers they make.
“We want to make working and getting paid easier and faster, particularly as the pandemic has fuelled even more interest in remote work.”
Currently, Higlobe caters to freelance workers and small enterprises in Mexico serving US-based companies.
Mexican National Institute of Statistics and Geography estimates the number of self-employed or freelance workers operating in Mexico at over 14 million.
Higlobe also intends to launch its service in Brazil later this year.
Tobin said: “Higlobe’s unique application of stablecoin is poised to disrupt the global payments industry.
“The blockchain provides a safe and speedy solution to an archaic system that disadvantages so many workers, and by leveraging this new technology, Higlobe can change the lives of millions of members of the global remote workforce.”
