Financial technology startup Arf has received $13 million in a seed round to develop its Web3-based, VQF-regulated global settlement banking platform. Circle Ventures, Hard Yaka, United Overseas Bank Venture Management, Signum Capital, and Stellar Development Foundation were just a few of the heavy hitters who joined the round. Stellar Development Foundation (SDF), United Overseas Bank (UOB) Venture Management, Signum Capital, Hard Yaka, NGC Ventures, Blockchain Founders Fund, and 500 Emerging Europe all participated in the round, while Circle Ventures chipped in as well.
Arf’s mission in the web3 space and its growth plans
Funding for the initial round came from both equity investors and debt investors. Arf is a banking platform for international settlements with the goal of ending the capital-intensive business paradigm of the international payments sector. To accomplish this goal, it provides authorized money service firms and financial institutions access to working capital backed by digital assets and settlement services. Furthermore, it offers these services complete with native on-ramp and off-ramp capabilities.
The company says it will continue using digital assets and Web3 technology to power the global financial sector’s transformation while adhering to all applicable regulations. Additionally, Arf plans to use the infusion of funding to advance its blockchain-based technology. It plans to use the blockchain infrastructure to offer global treasury management and working capital credit lines to financial institutions and licensed money service companies engaged in cross-border payments.
Arf introduced its credit line product, Arf Credit Line, in April. It enables real-time post-funding of any corridor and provides money service enterprises with rapid access to transactional working capital credit lines. This year, Arf opened an office in Zug, Switzerland and began hiring more employees. Moreover, the Financial Services Standard Association (VQF) has given its stamp of approval. That is an invaluable milestone for any company, especially in the era of tightening regulations.