Today public blockchain Celo announced that it raised an additional $20 million bringing total funds secured to $65 million. The latest round included investors Andreessen Horowitz, Greenfield One, and Electric Capital. Previous backers included Linkedin’s Reid Hoffman, Twitters’ Jack Dorsey and Coinbase Ventures.
Last year Celo created a 50 member Alliance for Prosperity with the goal of financial inclusion. Today it also announced the launch of Valora. This mobile remittance app costs as little as one cent a transaction, firmly targeting the global remittance market where the World Bank estimates an average remittance cost of 7%.
“When we first began supporting Celo two years ago, we saw the opportunity to build a ‘full stack’ global payments platform that anyone with a smartphone could use to send, receive, and store money,” said Katie Haun, General Partner at Andreessen Horowitz. “Celo can dramatically reduce fees and fraud while also making payments instantaneous and global.”
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