Alta, a blockchain payments startup co-founded by Airwallex CEO Jack Zhang, has raised a US$47.5 million (about A$67 million) Series A, Startup Daily reports.
The round was led by Index Ventures, with GV (Google’s venture arm), Blackbird, Square Peg and Capital 49, the investment firm set up by Airwallex’s founders. The valuation was not disclosed. Startup Daily says Alta has raised $114 million across its seed and Series A rounds in the past two months.
What Alta does
Alta, previously called Metal, launched in June and is based in Melbourne and San Francisco. It helps banks settle payments 24/7 using blockchain.
- Its first product targets corporate treasury teams: earn interest on spare cash in a tokenised fund, then redeem and convert currency when a payment is due.
- It uses zero-knowledge proofs so a bank can prove a payment meets rules such as sanctions checks without publishing customer details on a public blockchain.
- Airwallex plans to connect Alta to its local payment networks, and Alta says other banks and payment providers, including Airwallex competitors, will be able to use it.
A change of heart
Zhang was a known crypto sceptic, but now argues stablecoins (digital tokens usually pegged to a currency such as the US dollar) suit AI agents that make payments, because a wallet with a fixed balance can cap an agent’s spending. He co-founded Alta with Loong Wang and former Meta crypto developer Catherine Porter.
The funding will go towards hiring engineers and compliance specialists, blockchain development and onboarding banks and payment providers.
