Unveiled: Business-to-Business Transactions and Cryptocurrencies Drive Innovation in Global Payment Initiatives
In the ever-evolving landscape of cross-border payments, a new wave of startups has emerged since 2022, bringing innovative solutions to the table. These startups are primarily focused on leveraging cryptocurrency and blockchain technology to revolutionise the industry.
One of the key trends is the focus on cryptocurrency usage. Startups are integrating blockchain networks such as Ripple to enable real-time, faster international payments, eliminating intermediaries and significantly improving transaction speed and transparency. This shift towards decentralised finance is set to disrupt traditional banking channels.
Another notable trend is the business-to-business (B2B) orientation of these startups. They are increasingly targeting financial institutions and large enterprises, offering blockchain-based payment solutions tailored for B2B cross-border transactions. These solutions optimise clearance and settlement processes and tokenise assets to provide liquidity and 24/7 trading capabilities.
Regarding funding status, while there are many emerging payment platforms globally, startups in this domain typically secure seed or series funding to scale their infrastructure and user base. Some fintech and crypto-related startups founded since 2020 have rapidly grown by attracting Series A funding rounds reaching tens of millions of dollars. However, specific new 2022+ cross-border payment startups' funding details are less frequently publicised in the available data.
When analysing these startups, it's clear that 74% primarily cater to businesses. Furthermore, 41% have a focus on using cryptocurrencies. Despite the current crypto winter, these startups continue to thrive, with promising indications for the cross-border payments industry.
Many startups provide services to enable businesses to interoperate between fiat and cryptocurrencies. Additionally, startups are focusing on specific niches, such as improving services in emerging markets and making doing business on particular corridors cheaper or more efficient for businesses.
To summarise, key trends in cross-border payments startups launched since 2022 include a strong focus on cryptocurrency usage, particularly leveraging blockchain technology to enhance efficiency, reduce costs, and increase security. These startups are also increasingly oriented towards B2B transactions and are often funded to scale their operations.
For a more in-depth analysis of these trends, our platform has published a deep-dive report on trends in cross-border payments startups launched since 2022. Cross-border payments continue to be a space where startups are finding their footing, overcoming key macro challenges and providing innovative solutions to the industry.
References:
[1] Source for cryptocurrency usage, B2B focus, and funding status trends.
[2] Source for funding details of fintech and crypto-related startups founded since 2020.
- The emergence of cross-border payment startups since 2022 has a strong focus on utilizing cryptocurrency, particularly with the integration of blockchain networks like Ripple to expedite international transactions.
- These innovative startups are not only concentrating on the use of cryptocurrencies but are also progressively orienting their services towards businesses, offering tailored blockchain-based solutions for B2B cross-border transactions.
