Cedar Money Raises $9.9M Seed to Simplify High-volume Cross Border B2B Payments for Africans

Cedar Money, a US-based startup championing high-volume cross border B2B payments secured $9.9 million in seed funding to optimize its operations and introduce its solutions to countries in Africa, including Nigeria, Kenya, Ivory Coast and more.

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The seed funding round was led by global fintech investor, QED Investors, and included investment from Lattice, NIV, Stellar, and Wischoff Ventures.

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Since its official launch in 2022—by Benjy Feinberg— Cedar Money now powers pay outs to over 130 countries around the world through its faster and more affordable solution. This funding will enable Cedar Money scale its payment infrastructure and tackle the inefficiencies in international payment.

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Cedar Money works as a bridge between traditional money and digital currency. Businesses and individuals transact in conventional currency (like dollars) on the Cedar Money platform which is then converted into stablecoins—digital currencies designed to have a steady value, usually by being tied to a traditional currency—behind the scenes.

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Businesses around the world but especially in Africa, face problems with high fees, long delays, and unpredictable currency fluctuations when dealing with traditional banking methods. These issues have hampered the growth of African businesses for so long, restricting them to doing business within the borders of their country.

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“If you look at the SWIFT network, fees globally are around 2-3%, but in Africa, they’re much higher. It’s even more gouging in places where people have less money,” founder and CEO Benjy Feinberg said in an interview.

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However, Cedar Money’s stablecoin-powered solution tackles these challenges head-on by combining the speed and efficiency of digital transactions with the reliability and stability of traditional money. With Cedar Money, businesses can now process up to $30,000,000 transactions in just 24 hours—no hidden fees or exorbitant charges.

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With this new funding, what’s Cedar Money’s vision for the future of cross-border payments in Africa, and how do you see this shaping the growth of businesses across the continent?

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Looking Ahead: What’s Next for Cedar Money?

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With this $9.9M seed funding, Cedar Money is gearing up to introduce new solutions that go beyond simplifying cross-border payments.

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According to Nir Atar, the VP of Growth, Cedar Money is developing a next-generation digital payments platform powered by blockchain and advanced APIs to make transactions faster, more transparent, and cost-effective. In addition, Cedar will launch AI-driven compliance tools to help businesses navigate complex regulatory landscapes with ease.

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An exciting addition is Cedar’s upcoming debit card, designed to give businesses real-time insights into their spending, tighter control over expenses, and enhanced security for cross-border transactions.

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“These innovations aren’t just about moving money—they’re about empowering African businesses to grow and thrive in the global economy,” said Nir Atar.

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With these advancements, Cedar Money is not only transforming how African businesses handle international payments but also redefining how they manage their finances on a global scale.

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Ready to Simplify Your Cross-Border Payments?

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Join the growing number of businesses leveraging Cedar Money’s innovative solutions to streamline international transactions, cut costs, and manage finances with ease.

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Experience faster, more secure, and more affordable cross-border payments today. Get started with Cedar Money!

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