Trace Finance has raised $32m in a Series A round led by CoinFund, as it looks to expand its regulated banking and stablecoin settlement infrastructure and increase transaction capacity.
The round included participation from Coinbase Ventures, Haun Ventures, Jump Crypto, Valor Capital, Paxos and HOF Capital, among others.
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Trace Finance also received support from “strategic backers” including Chainlink Labs and SNZ Capital, alongside founders and operators from the stablecoin, payments and banking sectors.
The company positions itself as a regulated financial infrastructure provider for cross-border payments and stablecoin settlement. It combines local payment rails, Pix connectivity, compliance operations, banking infrastructure and stablecoin-enabled settlement to support enterprises, fintechs, exchanges, payment companies and global platforms moving money across complex markets.
Trace Finance said it has processed more than $10bn in cross-border volume to date. It added that its initial focus was the US-to-Brazil corridor and that it now plans to expand across Latin America, the US and APAC.
Trace Finance co-founder and CEO Bernardo Brites said: “Stablecoins alone do not solve cross-border payments. Stablecoins plus regulated local bank infrastructure does.
“This round lets us deepen the banking, payments, and compliance infrastructure that global fintechs, exchanges, international banks and enterprises rely on to bridge digital settlement with trusted local financial systems. We built Trace bridging the US to Brazil and are now extending that infrastructure across LatAm and other emerging markets.”
The company said the Series A will be used to support expansion into large global enterprises, while deepening product capabilities across FX, bank connectivity, compliance and stablecoin settlement. It also plans to broaden its regulated footprint across Brazil, the US, APAC and other jurisdictions.
The Series A follows its 2022 seed round led by HOF Capital, which included participation from Circle Ventures and Mantis VC, among others.
