Walapay Raises $4.6M for Stablecoin-Based Cross-Border Payments Infrastructure

A New York-based startup called Walapay has raised $4.6 million in seed funding to build a bridge between banks and stablecoin settlement. The round was led by Generative Ventures, with Commerce Ventures, Polygon, and other crypto-focused funds participating.

Walapay offers enterprises and financial institutions a single API for account issuance, collections, foreign exchange, and payouts across Latin America, Africa, and Asia. It operates in over 180 countries and supports more than 60 currencies, counting the Nasdaq-listed payments group Nuvei among its customers.

The raise is modest, and the investor base is crypto-native. One product feature has sparked controversy: Walapay's ability to convert customer idle deposits into yield-generating digital dollar instruments, with the yield shared back to the customer.