Crypto neo-bank Shield has raised a $5 million seed round led by Giant Ventures, with backing from a16z’s crypto accelerator, Factor Capital, Coinbase, and Bank of America as strategic angels. The new funding brings Shield’s total raise to $7 million since its 2022 launch.
Shield, which pivoted to payments in 2024, helps exporters and importers conduct cross-border transactions in US cryptocurrencies while handling compliance checks for sanctions and money laundering risks. The startup has already processed over $100 million in payments, including $40 million in the last month alone.
Co-founder and CEO Emmanuel Udotong said the company was founded to solve “real economy” problems that traditional finance and crypto hadn’t addressed. “Today, trade businesses in regions like Latin America, Africa, and parts of Asia often wait days or weeks for international wires, pay high fees, and in many cases can’t access US dollars at all,” he explained. Shield aims to change that by enabling faster, cheaper, and more reliable payments using stablecoins.
The company is registered as a Money Service Business in the US and a crypto exchange in the EU. Shield already works with two main banking partners (names undisclosed) and plans to use the fresh capital to secure additional partnerships, expand licensing coverage, and enhance its fraud detection and compliance tools.
Despite strong traction, Shield faces stiff competition from established players like PayPal’s Xoom and Stripe’s Bridge, as well as dozens of crypto payment startups. But Udotong believes Shield’s compliance-first approach can help businesses in underserved regions grow, create jobs, and access global markets.
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“If we succeed, more businesses in underserved regions will survive and grow, creating jobs and wealth for their communities instead of being left behind,” Udotong said.
