Trace Finance raises $32M Series A; valuation up 10x

Trace Finance raised $32 million in a Series A round led by CoinFund and closed the equity raise in December after beginning the process late last summer. The company said the funding increased its valuation roughly tenfold compared with its 2022 seed round.

Investors in the round included Coinbase Ventures, Haun Ventures, Jump Capital, Paxos, Chainlink Labs and HOF Capital. Angel backers named by the company include Circle co‑founder Sean Neville, Solana co‑founder Anatoly Yakovenko, Mesh CEO Bam Azizi and Ricardo Villela Marino, partner and vice chairman at Itaú Unibanco. CoinFund partner Einar Braathen will take a seat on Trace Finance’s board.

Trace Finance holds licenses in the U.S. and Brazil and works with partner banks in Mexico, Colombia, Europe and Asia. The company built infrastructure to connect U.S. and Brazilian banking rails with foreign exchange, compliance and stablecoin settlement and plans to expand across Latin America and into the Asia‑Pacific. Bernardo Brites, co‑founder and CEO, expects growth first in Mexico, Colombia and Argentina, followed by applications for licenses and operations in Singapore, Hong Kong, Japan, South Korea and Southeast Asia.

Brites said, ‘Stablecoins alone do not solve cross‑border payments. Stablecoins plus regulated local bank infrastructure do.' He noted Trace began by linking the U.S. and Brazil and intends to extend that infrastructure to other markets.

The company reports it has processed more than $10 billion in institutional cross‑border volume and serves as the main infrastructure provider for the top four global payment providers operating in Latin America, including dLocal. Headcount grew from 25 employees at the start of the year to 48.

Investor interest in stablecoin infrastructure has increased since U.S. stablecoin legislation known as the GENIUS Act passed in July 2025. Recent industry transactions include Stripe’s acquisition of Bridge for about $1.1 billion and Mastercard’s agreement to acquire BVNK for up to $1.8 billion. Trace said it is developing new settlement products but did not provide details.

Founded in 2021, Trace raised $4.3 million in a 2022 seed round. The company did not disclose a current valuation but stated the Series A represents about a tenfold increase from its seed valuation.