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    Home » Caliza bags $8.5 Million to Bring Real-time Money Transfers To Latin America
    Blockchain

    Caliza bags $8.5 Million to Bring Real-time Money Transfers To Latin America

    By Business Leaders ReviewJuly 16, 2024
    Caliza bags $8.5 Million to Bring Real-time Money Transfers To Latin America

    While real-time payments are becoming standard for organizations and consumers, cross-border transactions are still not using them. Caliza wants to alter it, and she is starting in Latin America.

    Caliza was established in 2021 by American entrepreneur Ezra Kebrab, who is currently residing in São Paulo, Brazil. The company provides an alternative to SWIFT transfers, which are common in the Americas but often take several days to process.

    Rather, Caliza offers a front-end payment system and API that leverage current real-time payment networks and cryptocurrency stablecoins, namely Circle’s reserve-backed USDC, to enable quick transfers and give foreign retailers access to US digital dollar accounts.

    The firm said that while it would not reveal the identities of its clients, they are either fintechs or banks eager to provide better support to individuals for tasks like payroll and transfers, as well as businesses conducting business globally.

    The company recently completed a $8.5 million fundraising round headed by Initialized.

    Kebrab is not a cryptocurrency expert; rather, he experienced firsthand how businesses, particularly in Latin America, needed speedier transactions while working at Visa in a previous position. He used the example of a company that was nearshoring in Mexico, explaining that every day that production is delayed until the upfront payment clears is a financial loss.

    It was no coincidence that we brought up Mexico, since Caliza intends to expand there in the fall. That is several months later than anticipated. Kebrab did not provide an explanation, but he did highlight the company’s emphasis on obtaining licenses in order to comply with regulatory and compliance norms. 

    It’s no coincidence that Caliza brought up Mexico; the company intends to grow there come autumn. A few months later than anticipated, that is. Kebrab stated that the company is focused on following regulatory and compliance criteria, which includes obtaining licenses, but he did not specify why. 

    In Latin America, currency volatility has been a source of worry. This year, the Brazilian real has lost about 13% of its value against the US dollar; in June alone, this decline was 6%.

    The declared goal of Caliza, to “empower everyone, regardless of their location or circumstances, to access instant and stable liquidity,” is well aligned with this type of volatility. The geographical information also implies that Latin America is only the beginning. Africa might be Kebrab’s next objective, given that he is the son of immigrants from Ethiopia and Eritrea.

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