Cenoa, a fintech startup cofounded by the former CTO of Getir, has raised $7 million in funding.We got an exclusive look at the 11-slide pitch deck used to raise the fresh funds.
Cenoa, founded in 2022, enables customers to access USDC, a digital asset tied to the American currency in a bid to stabilize its value from the drastic fluctuations in the wider cryptocurrency markets. The company claims users can earn yields on holdings that come at a higher interest rate than traditional financial institutions.
"Our aim is to be a borderless super wallet with the aim of helping billions of people in emerging markets hit by inflation," Emre Ertan, Cenoa cofounder and former Getir exec, told Insider."Inflation is the biggest problem at the moment and with currencies crashing people need to save in dollars but most countries make it hard to access and banks offer no yield."
Based in Singapore, the startup lets users access a blockchain upon which they are able to transact from their local currency to USDC, which is then staked in platforms that offer P2P lending or borrowing options to offer yields of up to 8%, the company claims.