Mansa, a rapidly growing fintech startup, has secured $10 million in seed funding to enhance its stablecoin liquidity services, with Tether leading the equity investment. This strategic funding round aims to bolster Mansa’s position as a primary liquidity provider in emerging markets. The company has already processed nearly $31 million in transactions and is poised to reach a $1 billion total payment volume run rate by the end of the year.
The startup is focused on lending as its initial offering, providing clients with improved cash flow at lower costs compared to traditional fiat alternatives. Mansa's robust model has led to a 350% revenue growth over the past six months, driven by its innovative approach to fintech solutions. The company's transaction volume has surged from $1.6 million in August to $11 million in January, marking a significant monthly growth rate of 37.5%.
"We’re building a fintech, and we approach everything with that mindset," said Nkiru Uwaje, COO of Mansa.
Mansa's operations are largely concentrated outside Europe, strategically bypassing the recent delisting of Tether and other digital assets from EU-regulated platforms. Instead, Mansa focuses on emerging markets where they see significant potential for growth. The company has disbursed over $18 million in payments to clients and secured access to more than $200 million in liquidity through an extensive partner network.
"We’re starting by being the primary liquidity provider to the biggest payment companies across emerging markets," said Mouloukou Sanoh, CEO of Mansa.
The startup's strategic partnership with Tether is pivotal to its mission of enhancing liquidity for on-chain payments. By integrating Tether as the primary stablecoin, Mansa aims to facilitate seamless transactions across its network and ensure instant settlement capabilities.
"Payments are moving on chain, but in order for payments to move on chain you need to have the on-chain liquidity to be able to settle instantly," Sanoh explained.
"That is why our partnership with Tether is so consequential and why we’re working very closely together to make it the primary stablecoin in emerging markets," he added.
Mansa's success is also attributed to its commitment to regulatory compliance and risk management. The company is building comprehensive risk frameworks for liquidity and payments, incorporating anti-money laundering (AML) checks, sanction screenings, know-your-customer (KYC) and know-your-business (KYB) protocols, active transaction monitoring, and blockchain analytics tools. This focus on compliance is further strengthened by recent hires, including the former head of HSBC North Asia and the chief legal officer of Franklin Templeton.
Co-founders Mouloukou Sanoh and Nkiru Uwaje bring years of expertise in finance, payments, and web3 technologies to Mansa. Their leadership has been instrumental in driving the company's rapid growth and positioning Mansa as a leader in the stablecoin liquidity space.
Leave a Reply