Canadian fintech company nanoPay raises $10m in series A funding

nanoPay Corporation, a Toronto-based early-stage fintech company, has announced the completion of its $10 million series A funding round, which drew support from the Merchant Banking Division of Goldman Sachs, APAGM Services LLC (Andrew Prozes), Jarnac Capital Management Inc. and Rohatton Inc.

Earlier this year, nanoPay acquired the MintChip platform from The Royal Canadian Mint. In June, nanoPay announced the deployment of MintChip digital currency, enabling all Canadians to download and use MintChip to send and receive digital cash with friends and family for free through secure person-to-person (P2P) payments.

The company said that with the latest financing and the MintChip platform, it is actively developing new business partnerships and additional service offerings, focusing on B2B and B2C applications, to expand the global utility and acceptance of MintChip.

"This additional funding is a huge vote of confidence in nanoPay and its ability to prove our global potential," said Laurence Cooke, CEO and Founder of nanoPay. "After successfully deploying MintChip as a digital cash platform in Canada in June 2016, our focus is now on expanding the platform beyond digital cash to a broad range of B2B use cases that have global applications, for example, business-to-consumer disbursements and cross-border payments."

MintChip's open API platform provides an innovative solution to securely store and transfer any form of digital value between users instantly and without the need for intermediaries, the company said. It uses state-of-the-art cryptography to protect assets and is designed to work both online and offline. With the platform, transactions are final, irrevocable and settled in real-time. In addition to being extremely secure, the platform is cost-effective with marginal transaction costs and was designed to be compliant with regulatory standards around the globe.