Crypto neo-bank Defend introduced on Monday that it has raised a $5 million seed spherical led by Big Ventures.
The corporate launched in 2022 and pivoted to funds in 2024. It permits exporters and importers to conduct cross-border transactions in U.S. cryptocurrencies, whereas additionally offering compliance screenings, corresponding to addressing sanctions and money-laundering threats.
Emmanuel Udotong, co-founder and CEO, stated he and his crew began Defend as a result of they have been “dissatisfied by the shortage of competing mainstream use instances for crypto.” In the meantime, “dangerous actors” stored filling the area — and the headlines.
“We wished to assist deliver blockchain know-how into the actual financial system by fixing actual issues,” Udotong advised fomofactorynews. So he teamed up along with his brother Isaiah and his faculty finest buddy, Luis Carchi, to deal with how stablecoins might be utilized in worldwide funds, as that was a ache level the trio confronted after they final tried to construct a commerce enterprise.
“At this time, commerce companies in areas like Latin America, Africa, and components of Asia usually wait days or even weeks for worldwide wires, pay excessive charges, and in lots of instances, can’t entry U.S. {dollars} in any respect,” Udotong continued. “Many corporations face restricted commerce corridors, much less purchaser alternatives, stunted progress, and, in too many instances, failure.”
That’s the place Defend is available in, which Udotong stated hopes to let worldwide companies amplify their attain — and revenue — by increasing entry to clients in several markets. The corporate is registered as a cash service enterprise within the U.S. and registered as a crypto alternate within the EU.
Crypto has had a roaring comeback this previous 12 months, minting new unicorns and nabbing tons of of tens of millions of {dollars}, after a reputationally laborious previous few years. Defend stated since its launch, it has processed greater than $100 million in funds, $40 million of which got here simply from the final month. However Defend is getting into a crowded discipline of rivals of dozens of startups and massive names like PayPal’s Xoom and Stripe’s Bridge.
Techcrunch occasion
San Francisco
|
October 27-29, 2025
Defend met its lead buyers, Big Ventures, by means of a fellow founder. Others within the spherical embrace Chris Dixon’s a16z’s crypto startup accelerator, Issue Capital, alongside Coinbase and Financial institution of America as strategic angel buyers. It has raised $7 million up to now, the corporate stated.
The contemporary capital can be used to safe extra banking partnerships, as the corporate already has two principal banking companions, although it declined to reveal actual names. It can additionally look to proceed constructing out its compliance product.
“That features increasing licensing protection, upgrading transaction monitoring and fraud detection, and rising our compliance crew headcount and experience,” Udotong stated.
General, Udotong hopes the corporate will assist give companies extra of a good probability whereas competing on a world scale.
“If we succeed, extra companies in underserved areas will survive and develop, creating jobs and wealth for his or her communities as an alternative of being left behind,” he stated.
