Digital banking and payments firm Ibanera has raised $18.5m in a funding round to enable itself to keep support its BitLine business line.
Emerchantpay Limited recently reached an agreement for an $18.5m capital investment in Ibanera at discounted valuation of $195 million.
In the fourth quarter of 2022, Ibanera launched its new digital banking and payments platform powering its payment APIs for scalable banking with ACH, wire, P2C, and RTP for account funding, payment distributions and collections.
Ibanera’s payments architecture represents next-gen Distributed Ledger Technology based banking that removes the complications of supporting Web3 businesses, including Ibanera’s own Bitline.
Ibanera CEO Michael Carbonara said, “Ibanera’s DLT and subledger banking uses blockchain technologies to automate fiat ramping for web3 while removing the inherent risks financial institutions are typically exposed to when servicing digital asset businesses.
“In light of the changing banking guidelines and changes in the digital asset markets, we’re excited that Ibanera is positioned to lead the way to support businesses engaging in digital assets safely. The agreement reached with emerchantpay will help propel Ibanera’s growth to be an industry leader”.
Flat6Labs has positioned itself as the MENA region’s leading seed and early stage venture capital firm, running a host of startup programmes and active in Egypt, Lebanon, Tunisia, Bahrain, Jordan, the UAE, and Saudi Arabia.
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