Start 7-day trial
All articles
October 16, 2026 · 4 min read

No investor led twice in 13 stablecoin rounds over 30 days

Variant, PayPal Ventures, CoinFund, NEA, Polychain Capital and 7 other firms led the 8 stablecoin and payments rounds that named a lead from 16 September to 15 October 2026, and no firm led twice. Circle Ventures, Coinbase Ventures and Tether also backed rounds.

Data as of 16 October 2026, from NAUT's funding records. The scope is stablecoin issuers, payments companies and tokenised cash. These startups took 13 of the 29 crypto rounds NAUT checked for this window, or 45%. It covers the rounds NAUT holds, a slice of the whole market. Each round is cited to 2 outside reports, listed under Sources. NAUT Research wrote this report; no one paid for it.

The 13 rounds, and who led them

Date Company Round Raised Led by
18 Sep dtcpay Series A extension $15M (Series A now $25M) None named
22 Sep Atum Seed $13.5M Variant, PayPal Ventures
22 Sep Infini Seed $6M None named
24 Sep HIFI Series A $37M Left Lane Capital
28 Sep Limited Seed extension $11.5M (seed now $18.5M) Third Prime + 3 co-leads
29 Sep Jeeves Series C $110M CoinFund
2 Oct Walapay Seed $4.6M Generative Ventures
6 Oct Spiko Series B $90M NEA
7 Oct Noah Seed extension $16M None named
8 Oct IMMIX Undisclosed $3.5M None named
8 Oct Anyflo Seed $1M Mysten Labs
13 Oct EFY Finance Seed Undisclosed None named
15 Oct Multiliquid Pre-seed and seed $8M across both Polychain Capital (seed)
  • dtcpay runs stablecoin and fiat payments in Singapore. SBI Group and Genedant Capital joined.
  • Atum is building an open payments network for stablecoin and agent payments. Mirana Ventures joined.
  • Infini pairs stablecoin settlement with AI agents for business accounts, out of Hong Kong. Reforge, Fortwest Capital and Enlight Capital joined.
  • HIFI links bank rails, compliance and stablecoin settlement behind 1 API.
  • Limited gives multinationals local business accounts, cards and treasury. North Island Ventures, The House Fund and Collab+Currency co-led; ParaFi Capital and Digital Currency Group joined.
  • Jeeves is stablecoin-native business banking. Andreessen Horowitz, Coinbase Ventures, GIC, ParaFi and Wintermute joined.
  • Walapay sells a cross-border payments API on stablecoin rails. Commerce Ventures and Polygon Labs joined.
  • Spiko issues regulated tokenised money market funds. Index Ventures, Bpifrance and Wintermute Ventures joined.
  • Noah lets businesses pay out in 150+ countries over stablecoin rails. Its seed now totals $38M.
  • IMMIX runs stablecoin FX across non-dollar currencies, from London. Crane Venture Partners, BTSE and Portfolio Ventures backed it.
  • Anyflo is a Mysten Labs spinout that routes stablecoin payments across chains. Mysten Labs, its incubator, was the only investor.
  • EFY Finance offers stablecoin payments and accounts across Latin America. Tether invested.
  • Multiliquid swaps tokenised treasury funds and stablecoins in 1 transaction. Circle Ventures, CMT Digital and Metalayer Ventures joined.

What this tells a founder

  • Leads are spread out. 8 of the 13 rounds named a lead, 12 firms led or co-led them, and no firm led twice. 5 rounds named no lead. The repeat names were joiners: ParaFi joined Limited and Jeeves, and Wintermute and its venture arm joined Jeeves and Spiko.
  • Networks, issuers and exchanges back these teams. 7 of the 13 rounds had a backer that runs a payment network, a stablecoin, a blockchain or an exchange: PayPal Ventures, Circle Ventures, Tether, Coinbase Ventures, Polygon Labs, Mysten Labs and BTSE.

What this tells a BD team

  • Most of these teams are early and newly funded. 8 of the 13 were seed-stage and 3 were extensions of earlier rounds, all announced in the last 30 days.
  • The announcements place 4 of them outside the US. dtcpay is in Singapore, Infini in Hong Kong, IMMIX in London and EFY Finance across Latin America, so a team covering Asia, Europe or LatAm has a newly funded target in each.

See the decision makers

Each NAUT page below lists the team, its backers and the decision makers to contact.

Company pages: dtcpay · Atum · Infini · HIFI · Limited · Jeeves · Spiko · Noah · EFY Finance · Walapay · IMMIX · Anyflo · Multiliquid

Lead investors: Variant · PayPal Ventures · Left Lane Capital · Third Prime · North Island Ventures · The House Fund · Collab+Currency · CoinFund · Generative Ventures · NEA · Mysten Labs · Polychain Capital

Sources