Cenoa provides a platform for global payment processing, enabling users to receive international earnings directly into a US bank account. The service emphasizes significantly lower transaction fees compared to traditional methods, facilitating instant withdrawals in local currency. This infrastructure supports e-export income collection from major platforms like Amazon, Etsy, and Upwork via ACH transfers.
Funding
$7M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
UVFounders
Product
Problem
Individuals and businesses in emerging markets face challenges such as high transaction fees, currency devaluation, and limited access to stable currencies like the US dollar. Traditional financial systems often impose significant costs and restrictions on international payments and savings, hindering economic growth and financial inclusion.
Solution
Cenoa provides a non-custodial digital wallet that enables users in emerging markets to access dollar-denominated accounts and facilitate instant payment withdrawals. The platform offers a solution to currency instability by allowing users to buy and sell dollars with a 1% spread and earn a 5% annual yield on dollar balances. Users can open a US bank account in their name and receive payments from international platforms, and send dollars to other Cenoa users in numerous countries.
Target Audience
Cenoa primarily targets individuals and businesses in emerging markets who need access to stable currencies and efficient international payment solutions.
Features
- Non-custodial wallet ensuring user control over funds
- Dollar trading with a fixed 1% spread and zero commission
- US bank account opening in the user's name within minutes
- Instant international money transfers to over 40 countries
- 5% annual yield on dollar balances, compounded and accessible at any time
- Integration with Transak, a UK Financial Conduct Authority licensed fintech, for local banking system connectivity
- Virtual and physical card options through Redotpay, enabling spending with Apple Pay and Google Pay
- Built on the Polygon blockchain, leveraging decentralized finance platforms like Aave
- Security measures including Certik smart contract audit, SSL data protection, and USDC digital dollars regulated by the US SEC